Today, the market made another confirmed high with the DJI and the SP500 closed at a new 52 weeks high, while the DJT and the Russell 2000 closed at another new all time high. The only index that is still lagging behind is the Nasdaq 100. While all these market indices are making new high, the negative divergence between the MACD and the indices continue to persist.
Although there is a high level of anticipation of a pullback or a correction, the market continues to frustrate the anxious bears and the sideline dip buyers. Base on historical market behaviors, the long awaited pullback will not occur until those frustrated dip buyers lose their patience waiting for a pullback and chase the market by diving in at all cost. In the meantime, there are stocks that have the potential to move higher base on its own technical price structure. One such stock is FB.
Here is a video briefly summarize the latest market move, and a technical look at the price action for FB.
Click here to view the video if you do not see a video player on your screen.
Disclosure: Long FB
