Today is a good day for a rally
After yesterday's hits to tech indices I assumed a definitive bearish stance, but since reading Richard Lehman's update it may not be so.
The index which will should the others higher - particularly as tech hits the ropes - is the Russell 2000. I am looking at the developing handle and so far so good for bulls.
The Dow held its 50-day MA, so even in its struggles there is room for a support bounce (stochastics are neutral, so it's by no means a high probability event).
Even those hard hit tech indices have support to look too. The Nasdaq has the 50-day MA and a band of support which stretches from 2,330 to 2,350.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
The index which will should the others higher - particularly as tech hits the ropes - is the Russell 2000. I am looking at the developing handle and so far so good for bulls.
The Dow held its 50-day MA, so even in its struggles there is room for a support bounce (stochastics are neutral, so it's by no means a high probability event).
Even those hard hit tech indices have support to look too. The Nasdaq has the 50-day MA and a band of support which stretches from 2,330 to 2,350.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
