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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Wednesday, March 14, 2018

Nasdaq Threatening 'Bull Trap'

A second day of selling brought the indices back towards support. The index looking most vulnerable with the potential to 'bull trap' is the Nasdaq. I'm not sure enough damage has been done to confirm this but another day's selling would probably be enough.

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Monday, March 12, 2018

Dow Struggles Continue as Tech Breakouts Hold

There wasn't a whole lot going on today which was different to Friday. Breakouts in the Nasdaq, Nasdaq 100 and Semiconductor Index remain in effect while the Dow Jones Industrial average took an early hit in profit taking but on lighter volume. Relative performance remains particularly ugly.

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Sunday, March 11, 2018

Breakouts for Nasdaq and Nasdaq 100

Leading indices again continued in their leadership roles; the Russell 2000 managed a new swing high with breakouts for the Nasdaq and Nasdaq 100 after Semiconductors closed at new all-time highs.

The Russell 2000 cleared 1,564 with relative ease with upticks in lead technicals - only relative performance suffered a small loss. Friday's 1.6% gain now opens up for a challenge on all-time highs of 1,615. Even if markets were to sell off it would take a few days to reverse the bullishness generated by the rally from the 'tweezer' bottom.

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