There’s been a cease-fire in the Middle East.
And the market looks like it’s feeling good about that.
Here’s the chart for SPY:
We’re still above the 200-day moving average and things are looking green in the past 48 hours.
New all-time highs are within reach.
Sentiment has slightly dropped (due to the initial bombing of Iran), but we’re still bullish on the Fear & Greed Index:
When it comes to patterns, one thing momentum traders love is a “high, tight flag.”
What does that mean?
It means a stock that’s shot up substantially, paused, and then moved sideways in a narrow range. This pattern has led to some big moves historically.
And VeriSign (VRSN) has that look to it.
Here’s the chart:
A break above $288.95 could lead to an explosive move.
We’ll keep an eye on it.
Happy trading,
Scott
