One step back, two steps forward
After Monday's disappointing selling, Tuesday and Wednesday saw the return of sufficient buying to negate the bearish taint left over from Monday. The S&P now looks primed to push past last week's swing high peak of 3,712, following the Nasdaq which has already managed to achieve this.
The buying in the S&P was less, volume wise, than recent selling, so we are not looking at a significant increase in the amount of buying, probably more the case there is a reluctance from sellers - or at least - longs holding big gains and looking for more, than selling. Technicals remain the same, with 'sell' triggers for the MACD and On-Balance-Volume.
The Nasdaq is already at a new swing high and nicely positioned to keep going. Technicals have all improved and are net bullish. If last week's swing lows are an anchor for a measured move, then the projected target is around 14,000, but this could be the summer of next year before it gets there.You've now read my opinion, next read Douglas' blog.
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