|Wednesday, December 30, 2020|
After a couple of very brutal days of tax loss selling the market got into gear today. Many stocks made solid gains from $3 to as much as $27 each as we wind down the year with just one more day until the New Year.
Letís start off with two of the leading indexes that are at new highs and still in their Rising Channel patterns. As long as these indexes stay in their channels the markets are positive and once the lower channel line is broken the market is going to take a hard break lower. This often happens in late January.
Now letís look at the charts of many momentum stocks.
I want to wish everyone a Happy New Year's Holiday and best wishes for the coming year. 2020 presented many challenges but traders found incredible opportunities in the market by following the principles we share here. Let's hope that 2021 starts out right when we return here Sunday night.
Daniel J. Zanger