Stocks closed higher Monday bolstered by reassuring economic reports out of China and Japan, headlines suggesting a strike against Syria could possibly be avoided, and the notion that the relatively disappointing employment report on Friday has lowered the probability of a big tapering announcement at the September 17-18 FOMC meeting.
Technology sector displayed strength throughout Monday trading session amid strong buying support from Apple (AAPL). Shares of AAPL added 1.6% ahead of tomorrow’s product refresh. Speaking of tech stocks, Micron Technology (MU) was a notable winner. The stock soared to new 52-week high, up 2.33% to close at 15.62. This is bullish from a technical perspective. In fact, as the chart below indicated, MU cold climb up to test key technical resistance near 17 as it extends recent winning streak. Just so that you know, initially profiled in our July 16, 2013 “Swing Trader Bulletin” MU had gained about 20% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for MU. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Micron Technology (daily)
As indicated in the above chart, our “U.S. Market ETF Trading Map” rates MU as a Buy. Monday upside follow-through served as a confirmation and extension to last week’s bullish breakout…Click here to read more.
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