Toni Hansen is much more cautious on the long side than she was heading into Monday. Plus, she has a few stocks to keep an eye on for daytrading activity.
Toni Hansen writes that on Friday, she is expecting the upside in the market to continue, although the afternoon extension on Thursday can create an intraday correction after the first 30 minutes or so.
Toni Hansen would like to see a stronger test of the Nasdaq weekly resistance, which is likely over the next couple of days, and then she is expecting ar larger correction on the weekly time frame.
Following an increase in upside momentum such as this week, corrections on the daily and larger intraday time frames will typically take a lot longer to get started.
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