Because Microsoft has served us well as a bellwether for the bull market, investors should take heart from the indomitable pitch of the stock’s ascent since late July. When it punctured the midpoint resistance at 545.32 last week, although there was little drama, it did so with the kind of quiet confidence that said, ‘I’ll be back!’ In the weeks ahead, I expect a grinding move higher to the 613.49 target, and a correspondingly steady move for the tech-heavy Nasdaq. Although pullbacks since mid-August have not provided any bargain-basement buying opportunities, they have been technically sufficient to work off overbought-ness each step of the way. I will signal in real time nonetheless if an attractive possibility develops, so stay tuned with your dashboard ‘Notifications’ switched on if you trade this vehicle.
$MSFT – Microsoft (Last:528.95)