Stocks pieced together a reasonably good day, and suddenly the mood from last week seems to have changed in the market. Although the market didn’t respond immediately, I believe the recent change in attitude can be traced back to last Thursday and the dovish commentary the ECB presented.

I noted on Thursday morning that the commentary was bullish for equities over the longer-term and I continue to believe that it is the case. I think investors are slowly waking up to the idea of the ECB leaning more towards easing, and that likely means that the Fed is not only finished raising rates for 2019 but could be looking to cut rates in late 2019 depending on far the ECB goes. Remember also that Draghi’s term ends this fall, and his successor will take over. It could likely mean that Draghi’s successor could be even more dovish to start their new term to get the economies moving again.

S&P 500 (SPY)

Until proven otherwise the S&P 500 is range bound. It is clear there is a genuine struggle for stocks to get beyond the 2,810 region on the S&P 500, and whether it is where sellers genuinely live, or it is a psychological level for the buyers at this point is impossible to know.

But what I found interesting when looking at the chart of the SPDR S&P 500 ETF, is that SPY already broke out. The ETF rose above resistance at 281.30. It is also showing at this point that earlier volume levels above that price are very light and that the longer-term path of least resistance at this point is higher.

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When we look even closer, we can see the ETF not only rose above resistance, but that resistance became support and throughout the day that support held firm.

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Acadia (ACAD)

Acadia looks like it may finally be breaking out, rising above resistance around $27.20.The next level of resistance comes around $31.00, which refills the gap.

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Roku (ROKU)

Roku not only fell through support at $64.30 today, but it nearly fell to support at $59.70. I guess the short-squeeze is over?

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Amazon (AMZN)

Amazon still hasn’t broken out and continues to struggle at the downtrend. What gives? The one thing you don’t want to see if you are long the stock is for it to fail yet again at the downtrend, that’s for sure.

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Facebook (FB)

Facebook stuck at resistance around $173, and it can’t break out either. One has to one what is going in this case too. Is there just a giant seller of this stock keeping a lid on it?

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Netflix (NFLX)

Netflix is attempting to break out, but not yet.

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Anyway, that is going to be it. It is more than I was planning to do this afternoon.