Sonic recently (June) broke above a big sideways basing pattern. It looks like Sonic is now ready to break above a consolidation after the sudden surge.
The weekly chart also gives us a reason for optimism. The weekly is a clear breakout from years of channel trading.
Attached are some recent videos I have posted. The Final Bar covers the breakdown on European indexes this week.
Here is the Commodities countdown video for the week. Bonds have an interesting setup this week. A failed breakout on TLT suggests paying attention.
The Canadian Technician. While I was becoming more bullish when I recorded this on Monday August 26th, the Canadian market has since given back its breakout and is trading at fresh three month lows now...I would have to interject a note of caution on the failed breakout created. A false breakout is usually followed by a larger move in the other direction. The real problem is the Canadian market is back to prices we saw in June while the US markets are significantly higher.
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Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts for Dummies