Tuesday, May 31, 2011

Finishing On A Good Note

Markets finished the month of May on a high note.  While there is still some work to do as the action remains within the trading range between the May 2 high and the May 25 low, the key point to take away is that the SP500 held support at the top of the January range for the 4th time since the March correction.  This is bullish action.  The drum beat for a larger correction continues, but so far we've seen nothing but a pullback in the monthly trend.  Maybe there's a surprise around the corner, but for now the market looks higher.

IBD called the market in a confirmed uptrend after the close based on today's action.


Anonymous said...

hi, just wanna say i love reading your market reviews. Thanks a lot for the frequent update.

Trader Craig said...

Thanks for your support.