Monday, April 18, 2016

Bulls Advance

Two days of indecision has given way to another day of gains for bulls. Volume was lighter, but there was an important technical gain with reversals of MACD 'sell' triggers.

The S&P is on its way to challenge 2,125 with the rally re-established.


The Nasdaq confirmed support of 4,900 with the bullish engulfing pattern on Friday's doji.


The Russell 2000 tagged high of the channel and has inched over its 200-day MA. Watch for a channel resistance breakout tomorrow.



Today ticked more boxed in the bull column and left little for bears to cling on to. With 200-day MAs nearby, markets could be looking at a key support level been formed going forward. Important now will be for indices to pull away from March/April consolidations.

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 also trade on eToro and can be copied for free.

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