Wednesday, June 24, 2015

Sellers Pressure, Nasdaq 100 Shorting Opportunity

Again, too-and-fro the markets continue their dance. Despite the selling, there was no handing of control over to bears. The S&P ducked below 2120, but key resistance is at 2,134. Technicals kept their net bullish technical strength


Nasdaq losses didn't drop to challenge 5,096, but tomorrow is a chance to deliver on this. Buyers can be patient enough to wait for this before committing.


The Russell 2000 is another index working on a retest of the breakout. Support at 1,278 is open for a retest tomorrow.


The Nasdaq 100 was a little different. It hadn't cleared resistance and today's selling leaves it more open to an attack by shorts as resistance is confirmed at 4,550.


For tomorrow, bulls can look for a retest of breakout support in the Russell 2000 and Nasdaq. Shorts can look to the Nasdaq 100 for their opportunity.

You've now read my opinion, next read Douglas' and Jani's.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.

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