The rally off the 389 low recorded on April 29 has exceeded just one ‘internal’ peak, meaning it is not impulsive, strictly speaking. It also left the stock well shy of the 430.82 high recorded on March 21. Subscribers will be familiar with that number by now, since it was first introduced in 2023 as a potentially very important rally target. I’ll be interested to see whether the stock languishes well below the high even as the S&Ps push to a new record. We’ll be on our guard in any case, prepared to short this little monster if it shows even subtle signs of topping. A reverse-pattern target at 421.63 still looks like our best bet for this to occur.
MSFT – Microsoft (Last:414.90)