Lucky 13?

Today was a powerful up day for the market. After a brief testing of the inverted H&S neckline in the previous session, the DJIA forged ahead and gained more than 180 points. The SP500 joined the party and broke thru its inverted H&S pattern and made a seven month high. And the Nasdaq continues to amaze with its 12 consecutive up day. So will tomorrow be Nasdaq’s lucky 13?

After the market close today, MSFT, AMZN and AXP reported disappointing earnings and all three of them got hammered in the after hour trading. This will definitely put some downward pressure on the market tomorrow. And this could bring the current consecutive up day streak for the Nasdaq to end at 12.

Here are the charts. To read the commentary, click on the chart to get a larger view. Tomorrow could be the start of the long awaited pullback for this rally. After the pullback has started, I will start labeling the possible support levels to watch. Until then, trade well.