Last week provided some early strength, some late weakness, and plenty of lateral price action in between as the indexes finished modestly higher. A long-overdue pullback finally kicked in on Friday, although time will tell whether the dip will prompt more selling or simply provide another opportunity to put cash to work.
The story stocks of the week were generally those which have been quite heavily shorted and/or beaten-down such as NFLX, FSLR (and other solars YGE, TSL, etc.), each of which offered impressive moves higher. Otherwise, we saw some healthy basing action which should help many charts to set up in the days ahead.
In preparation for the holiday-shortened trading week ahead, let’s examine some important levels to keep an eye on for the indexes. That will have the greatest influence on how individual stocks are going to move, so it’s where the trading week’s research begins.
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