Stocks continue to push higher, led by energy.

The buying in growth stocks has also picked up, so we should see some decent buy setups emerge during next few weeks.

$BROS is forming the handle portion of a cup with handle pattern. Thursday’s inside day is a buy signal. Generally speaking, the entry is over the high of the inside day, but in this case, the entry is over the two-day high because it is so close.

Financials were relatively weak on Thursday with $XLF closing back below the 50-day MA with a -1.9% loss. Since the real bodies of Monday and Wednesday did not touch the real body of Tuesday, it’s like a one-day island reversal pattern.

The strong rally off the lows in the S&P 500 and Nasdaq Composite has created a window of opportunity for the bulls.

Within the next few days, we should see some sort of short-term pullback (or chop) in the market to test the longs. We wouldn’t mind some weakness, as this would likely produce lower-risk buy points.

$GFS is a recent semiconductor IPO with a ton of relative strength and a  breakout to new highs last week. Monday’s selling closed back below the breakout pivot, but not by much.

We are looking for a move back through the breakout pivot at the buy entry with the 8-day EMA as the stop.

Bitcoin breaks out above key level of short-term resistance

Over the past few weeks, we’ve been discussing how Bitcoin ($BTC) has been stuck in “no man’s land,” chopping around indecisively in a range.

However, conditions improved over the past week and we have definitely noticed a significant change of character in cryptoland.

Although still confined within its sideways range of the past seven weeks, $BTC….

Impressive reversal action off the lows in the major indexes last week.

S&P 500 – There is quite a bit of support in the 4,100 – 4,200 area with three bullish reversal candles off the lows in the last two months.

Last week’s action produced a bullish engulfing candle which occurs when the real body of the current candle opens below and closes above the body of the prior candle. The prior candle should be red . The engulfing candle shouldn’t have big wicks where the open and close are too far from the high and low of the day.

Bitcoin spinning its wheels at the 39k level

This week’s Bitcoin market commentary is in video format.