The Nasdaq finished with a bullish engulfing pattern, although with stochastics overbought the importance of the pattern is weakened. However, there is a good argument for a bullish flag, with potential breakout opportunity tomorrow if bulls can maintain today's buying.
Finally, the S&P did very little, although it did manage to sneak an accumulation day. There isn't much of a pattern shaping up in the index at the moment, other than a probable test of the 20-day MA.
For tomorrow, look for some follow through in the Russell 2000 and a 'bull flag' breakout in the Nasdaq.
Back to USA - Ghana...
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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