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Plus 5 New Strong Buys for Today
Kevin Matras   
Profit from the Pros
By Kevin Matras
Executive Vice President 		Zacks Investment Research
  

Stocks Closed Lower, All Eyes On Support

Stocks closed lower yesterday as the previous 2-day advance hit pause.

Looking at the charts, it still appears we're in a bottoming pattern.

Earlier in the week, I commented on how the intraday charts appeared to be forming a falling wedge pattern (which is bullish). We broke thru the upside on Tuesday. But fell back down yesterday.

That pattern is still intact. However, a new pattern has formed, and it can be seen on both the intraday charts and daily charts. And that pattern is an inverted head and shoulders pattern. (That's considered an even stronger bullish pattern.)

If that can hold (meaning it should not take out the lows from Friday, and ideally they should not take out the lows from yesterday either), we could see a sustained rally take place.

We shall see.

In other news, yesterday's Weekly Jobless Claims fell by 33,000 to 860K.

Today we'll get the Leading Indicators report, and Consumer Sentiment.

But all eyes will be on whether the market can hold the recent lows.

And if so, that could set the market up for some nice gains to come.

Best,

Kevin Matras

Executive Vice President, Zacks Investment Research

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