Here’s today’s swing-trading watch-list:
Long Corning (GLW)
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I’ve done more work on the daily closes over the 5 DMA stats this morning and taken these back to 1970, during which time there have been only five previous examples. On Friday SPX closed above this for the 26th consecutive day and matched the longest previous example during this period which was in 1986. As and when we see SPX close back below the 5 DMA we can expect a minimum 2%+ retracement there but otherwise the historical stats were not at all bearish and I will be talking about these more tomorrow. Meanwhile the stats are on the chart below. SPX daily 5 DMA chart: