The S&P was up against resistance, but it managed to post a small gain to edge just above its 20-day MA. This move is enough to open up for a challenge of 2,400. Volume was better than yesterday, but there was no 'buy' trigger in bearish technicals.
The strongest index is the Nasdaq 100. It had the smallest gain on the day, but it did manage to post a new closing high. The only bearish technical is the MACD, and it's ready to switch to a new 'buy' trigger.
The last few days have seen small gains with no down days, but some markets haven't yet clawed back the big down day from last Tuesday. When selling emerges it will be interesting to see if these small gains can hold. For tomorrow, the Nasdaq 100 is the only index with no overhead resistance. Shorts will be looking for a 'bull trap' in the S&P to suggest bears have a chance, but any existing shorts will be feeling the squeeze.
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 a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.