sp'daily5b
Summary
Clearly, the Feb'1st peak of 1947 is offering some resistance, but it won't likely hold.
Mr Market will surely at least want to spook more bears out into the 1950/60s tomorrow/Wednesday.
From there, pretty high threat of a cool down into end month.. as many (even the infamous Gartman) recognise the broader trend is still bearish.
Again, broadly.. the weekly cycles are likely to tick higher for another 2-3 weeks.. so there still doesn't seem any hurry for those looking to place strategic shorts for a major wave lower into the 1700/1600s in April.
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Going through a fair few individual company charts... Boeing (BA) is a rather good example, why some could argue we're headed a further 3% higher...
BA, daily
First target is an upper gap fill around $127, where the daily upper bollinger and the 50dma will be lurking into March. A major bearish target for BA is the mid $70s... but that is indeed a long... long way down.
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back at the close