The market had a nice recovery from its session lows to close just above even. Even though volume was lower it was still a good short term victory for the bulls as the market was heavily oversold coming into the day.
Looking ahead the key area to watch is last week's highs. If the market can push through this resistance then it will most undoubtedly move back to test April highs. On the other hand if the selling continues the 200 day moving average will serve as key support in the short term. Where we move from here is anyone's guess.
Tonight I have several stocks that are setting up nicely and may definitely deliver very quickly if in fact the market does break higher.
Lastly, I want to note that I am still bullish on Gold although today's session puts all stocks at risk of a correction. Failure to hold key support (see the GDX chart below) will signal the end of the latest up cycle and that a rest is in store for atleast the short term.
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View all AKAM charts.
View all GDX charts.
Stay frosty out there