Huge rally on Friday followed up with another gap down today. But the bulls are trying to buy up this dip. I have my suspicions of it though as oil is down over 5% today and stocks are struggling to fight oil’s influence. There’s no doubt that this market can still rally, but if this is assumed to be a dead cat bounce, how much higher can we really expect the market to go from here?
With that said, there are a number of long setups I am watching today and the the week ahead. Some of the names that really stick out to me at this time are BLMN, FINL, CREE, M, GWR, WAB, CAT, TWX. The biggest issue will be finding ideal risk setups considering that there may not be a lot of overhead room for the market to rally with heavy resistance looming around 1990-2000 area.
Here’s the bullish setups to follow:
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