Wednesday, August 13, 2014 10:16:10 AM
August 13, 2014 BY ART HILL
Major Index ETFs Pull Back with Bull Flags
Stocks surge from early Friday to early Monday and then corrected from Monday afternoon to Tuesday.
A four day chart reveals a pattern similar to a 1-2 day surge followed by a 1-2 day falling flag.
In other words, this week's pullback may just be a mini correction and strength today could trigger flag breakouts on the intraday charts.
Keep in mind that small-caps were showing relative strength in early August and IWM led with last week's breakout.
Major Index ETFs Pull Back with Bull Flags
Stocks surge from early Friday to early Monday and then corrected from Monday afternoon to Tuesday.
A four day chart reveals a pattern similar to a 1-2 day surge followed by a 1-2 day falling flag.
In other words, this week's pullback may just be a mini correction and strength today could trigger flag breakouts on the intraday charts.
Keep in mind that small-caps were showing relative strength in early August and IWM led with last week's breakout.
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