Wednesday, March 21, 2018

Stall in Decline

The good news for bulls was the lack of follow through on the selling. An argument could be made for bullish harami doji in some key indices with stops on a loss of yesterday's lows.

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Tuesday, March 20, 2018

Bears Take Control

More decisive action from bears today as markets lose support.  The S&P undercut the rising trendline and 20-day plus 50-day MAs in a move which looks like it could develop into a test of the February spike low and the 200-day MA again; support at 2,695 is looking critical here. Aggressive traders could look to buy at these levels but confidence in this holding would not be high.

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Sunday, March 18, 2018

Expiration Spikes Volume but Markets Flat

There wasn't much to be said about the gains or losses from Friday but volume spiked which disguised the intention of either bulls or bears. Friday's flat action probably best suits bulls as it marks a stall in selling losses.

The S&P is resting on rising support with just On-Balance-Volume on a 'sell' trigger.

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Thursday, March 15, 2018

Selling Extends For A Third Day

Indices extended loses for a third day but didn't change the picture from yesterday.  The S&P is still sitting on a support level of the former channel as On-Balance-Volume extended on yesterday's 'sell' trigger.

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