The Nasdaq finished on former trading range support, turned resistance. Watch for a short squeeze from this level, up to the 200-day MA.
The Nasdaq 100 may have given an indication of what to expect on Monday as it started to edge more into the prior trading range. It's about 50 points away from its 200-day MA.
The S&P is caught in the middle of nowhere, neither close to support or resistance. Traders may look to trade a break of Friday's tight intraday range.
Small Caps had the best of Friday's action. The 20-day MA is the nearest resistance level with the CCI on a fresh 'buy' signal.
Monday will be for watching how the intraday range established on Friday breaks. Tech indices are the most likely to reward shorts.
You've now read my opinion, next read Douglas' and Jani's.
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
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.
JOIN ZIGNALS TODAY - IT'S FREE!