Still Going Up
The S&P futures have been trending north all day. Traders may want to
look for opportunities on bounces off the trendlines.
Today’s Watchlist:Â
(
EXTR |
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Chart |
News |
PowerRating),
(
MMCN |
Quote |
Chart |
News |
PowerRating)
Extreme Networks
(
EXTR |
Quote |
Chart |
News |
PowerRating)
is rallying out of a near-term pullback. After hitting a near-term high it
traded lower for three sessions. The key to the move was the decreasing volume.
On Thursday, it is seeing a volume pick up as it moves higher, perhaps
suggesting the end of the near-term selling. Treat this setup as you would a
bullish flag, trading it according to your style. Some traders may consider
waiting for a move above the high from the beginning of the flag.
MMC Networks
(
MMCN |
Quote |
Chart |
News |
PowerRating) remains strong. Trading up 8 points
today, it looks to set another new high. Near-term there is both a cup
pattern and a short consolidation. Look for another close near the high on
Thursday followed by a continuation move on Friday. Noteworthy is the ADX
reading of 36.
Until later,Â