Happy Thanksgiving
Hope everyone has a great long weekend!
While I remain optimistic for Friday's half-day of trading it would have taken a brave person to take a position at today's close. Volume was light, which was no surprise.
Even if Friday turns into a good day for bulls, the longer term picture still points towards lower prices. The gap in the Nasdaq following the loss of the 50-day MA has the look of a measuring gap, which means a downward target of 2,400. Like the Nasdaq 100 yesterday it turned net bearish technically.
While the Nasdaq 100 looks on course to test broadening wedge support
The S&P had a rough day as it also turned net bearish technically.
While the October swing low at 600 is acting like a Sirens call for the Russell 2000
Bears have been turning the screw every day for the past week, bulls should get a brief respite on Friday before bears return Monday. Santa could do with an early call!
Enjoy the holiday and enjoy Thursday games!
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
Zignals offers a full suite of FREE financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own strategy and sell it in the MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
While I remain optimistic for Friday's half-day of trading it would have taken a brave person to take a position at today's close. Volume was light, which was no surprise.
Even if Friday turns into a good day for bulls, the longer term picture still points towards lower prices. The gap in the Nasdaq following the loss of the 50-day MA has the look of a measuring gap, which means a downward target of 2,400. Like the Nasdaq 100 yesterday it turned net bearish technically.
While the Nasdaq 100 looks on course to test broadening wedge support
The S&P had a rough day as it also turned net bearish technically.
While the October swing low at 600 is acting like a Sirens call for the Russell 2000
Bears have been turning the screw every day for the past week, bulls should get a brief respite on Friday before bears return Monday. Santa could do with an early call!
Enjoy the holiday and enjoy Thursday games!
------
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
Zignals offers a full suite of FREE financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own strategy and sell it in the MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
