Well, here we are.
After months of the stock market falling faster than we’ve seen in decades (or ever), and every rally being bludgeoned to death, we’re now seeing…(gasp) resilience?
It’s true.
The market is now fighting to be bullish instead of just rolling over into bearishness.
Here’s SPY:
We’re back above the 200 simple moving average and it’s still looking strong.
And Greed is still good:
A month ago? Put your money under a mattress.
Now? Full speed ahead.
And the Royal Bank of Canada (RY) definitely fits that full speed ahead profile.
Here’s the chart:
RY has been storming upward for seven weeks and now it’s poised to bash through a major resistance level.
A move above $128.05 could lead to a big run.
We’ll keep an eye on it.
Happy trading,
Scott
P.S. Geof Smith tells us gold might be at the best entry point it’s been all year. Click here to see what he’s got to say!
