Let's notice that Cisco (CSCO) spiked up this morning from 15.60 to 16.00, which confronted its July-August resistance line. So far, the resistance line has contained the strength, but CSCO continues to trade in the upper 25% of the intraday range.

That's a bullish development and one that argues for another attempt or two at hurdling the resistance line. If sustained, this should trigger upside continuation that tests the prior high from August 11 at 16.24.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.