Junior Market resistance ahead

The Junior Market hit a high on Tuesday of over 3,261 points but retreated from that level on the same day but ended the day at a record close of 3,203.56. On Wednesday the market of smaller newer companies closed at another record end of day high of 3,247.20.
The market that is up 25 percent for 2017 so far has been scaling higher highs and higher lows from 2016 as can be seen in the chart, a bullish sign technicians say. The market is trading above the 120 and 200 days moving average, another bullish indicator. The chart shows that a major resistance level is ahead at 3,400 points, just 140 points away from Wednesday’s close (see green line). The black line just below the green will lend support if a pullback occurs. IC Insider.com expects a break out to take place during 2017 as several junior stocks are trading at a steep discount to the overall Junior Market.
With the vast majority of the junior listings having results pending to be released by mid-May, the market could break through the resistance level. Already, Eppley price seems set to climb to the $12 range from just $4.90, as the bid on the stock is close to $9, that movement alone would add approximately 53 points to the index.