The index best positioned to bounce on Friday is the Dow. It finished the day very near the 200-day MA, offering a natural entry point for buyers.
The Nasdaq was rebuffed at support-now-resistance and currently has a target of 4,245 and/or the 200-day MA. Stops/Risk measured on a close above 4,380.
The Russell 2000 was rebuffed from newly drawn channel resistance. Lower prices with a May low retest looks probable.
Finally, the Nasdaq 100 is another index trading close to channel support and the 50-day MA. It's another good long candidate for Friday.
For Friday, look for long opportunities in the Dow and Nasdaq 100. A weak open should look for short opportunities in the Russell 2000 while the downward channel holds.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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