Breakout Candidates Dot the Landscape

The low-volume, holiday-shortened ramp last week took the major indices above their 50-day moving averages. Reinforcements have now arrived from the Hamptons, and the market is attempting to build on those gains.

Swing traders are looking at the daily chart of the S&P 500 and hoping for a close above the June highs, which will break a short cycle of lower highs and lower lows. Key to that effort is maintaining the momentum this week, and preventing the formation of high-wave candles that could erode investor confidence and bring the 50-day average back into play. The broader market bounce off the May lows was V-shaped, and suspect as a result -- but there are a number of individual stocks testing their 50-day moving averages after a healthier period of basing and consolidation....320 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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