The markets made a strong push higher today, led by technology. The Nasdaq has been the weakest of the three majors for some time, though today it posted the largest gain of the three, closing up 2% on the session.
The Nasdaq did set a double bottom a few days ago, but this surge has pushed it through a resistance level and all its moving averages. The S&P and INDU also moved off of support levels, but have yet to push above previous resistance, respectively.
Volatility is to be expected here. We will see if the bears will let this move continue uninhibited or test it sometime this week. Continue to stay balanced as we continue to see good opportunity in both directions.
Have a great night,
Your Maverick Trading Team
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