Microsoft has blown past ‘p’ midpoint resistance at 449.09 with such force that there can be little doubt the stock will reach the D target at 548.98. MSFT has been an excellent bellwether for the stock market as a whole, and so we should assume the broad averages will rise in its vortex, at least until it reaches the target. The pattern also looks likely to work well for bottom-fishing swoons either to the red line or the green. The initial stop loss for a trade executed at the higher would be at 515.79; and for the lower, 349.19.
MSFT – Microsoft (Last:499.99)