Stocks have continued their ascent, but a caution to the bulls: Price is tagging major resistance. Although there is a possibility of an upside breakout, the probability is that even if a breakout occurs, it is too late in an upward thrust, with momentum waning; hence any breakout will be very susceptible to reversal in this trader`s opinion.
The below daily chart of the SPY shows the power of price gaps, with two gaps waiting to fill the downside: The gaps may need to fill before another leg up in stocks can begin. Certainly, the first gap is a flashing target for any traders looking to flip to the short side.Follow J_GidaroDasilva jdasilva@kitco.com www.kitco.com
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