Tech Hold Breakout,.but S&P Wedge Bound
It was a mixed day for indices. Large Caps remain bound by wedge support/resistance, but Tech broke upside yesterday from similar wedges and held those breakout today.
There was little change for the S&P over the last couple of days. The one technical change was the MACD trigger 'buy' as other technicals stayed on the bearish side.
Meanwhile, the Nasdaq cleared wedge resistance yesterday, and was able to hang on to the breakout despite today's loss. It too enjoyed a MACD trigger 'buy', but had an On-Balance-Volume 'sell' to contend with too.
The Semiconductor Index had a better day. It suffered very little loss on yesterday's gain and it's on the verge of a MACD trigger 'buy'. This will help the Nsadaq and Nasdaq 100 hold on to their breakouts.
The Russell 2000 had looked to kick start a recovery, but today's loss turned what had the makings of a swing low into a potential 'bear flag'; watch for follow through downside tomorrow.
Things are a little different for tomorrow. The Russell 2000 had set up for a swing low, but today's action delivered a greater than expected loss and didn't offer a bullish follow through. While the Nasdaq has offered a clean break higher and is holding those gains in the face of today's loss; bulls may find some joy here.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
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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 for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.
There was little change for the S&P over the last couple of days. The one technical change was the MACD trigger 'buy' as other technicals stayed on the bearish side.
The Semiconductor Index had a better day. It suffered very little loss on yesterday's gain and it's on the verge of a MACD trigger 'buy'. This will help the Nsadaq and Nasdaq 100 hold on to their breakouts.
The Russell 2000 had looked to kick start a recovery, but today's loss turned what had the makings of a swing low into a potential 'bear flag'; watch for follow through downside tomorrow.
Things are a little different for tomorrow. The Russell 2000 had set up for a swing low, but today's action delivered a greater than expected loss and didn't offer a bullish follow through. While the Nasdaq has offered a clean break higher and is holding those gains in the face of today's loss; bulls may find some joy here.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
---
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 for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.
