Sunday, February 19, 2017

Nasdaq 100 Piles on the Gains

It was another week of strong gains for the market, but it was the Nasdaq 100 which has really shone since the start of the year.  The Nasdaq 100 now sits 11.8% above its 200-day MA, with all technicals firmly in the green. The +DI line is at an extreme which is often associated with a reversal, although these reversals can be brief, as it was in November.

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Friday, February 10, 2017

Another Strong Finish For Markets: Russell 2000 Breakout

While volumes have hardly been inspiring, it has been another good week for markets.  Best of the action came in the Russell 2000, which has traded sideways since the start of December and didn't kick on after the 'huge' rally following Trump's election. Today's 0.75% gain didn't look like much but it did take it above the previous set of swing highs. It also helped in that it was supported by fresh 'buy' triggers for the MACD, Slow Stochastics and ADX

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Saturday, February 04, 2017

S&P Holds Breakout as Tech Indices Near All-Time Highs

Aside from the light volume it was a solid finish to the week for indices. Tech Indices are very close to new all-time highs as the post-Trump rally continued its unabated ascent; the rally in the Nasdaq 100 has even managed to stay ahead even of its 20-day MA.

The only concern for Nasdaq 100 is the loss in relative strength against the Russell 2000, although this hasn't flipped negative. Despite this, a push above 5,172 is likely to trigger short covering and another buying surge.

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Wednesday, February 01, 2017

Bulls Struggle on Volume

There wasn't a whole lot of action in terms of price movement, but what action there was came on heavier volume and reflected a lack of buyer strength as they struggled to challenge last week's highs.

Of the indices, the Dow Jones flashed a 'bull trap' to join another in the Russell 2000:

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