Volatility mixed; sideways market favoured
Volatility is not exactly firing on all cylinders, although it remains frothy relatively speaking. A declining 50-day MA which is acting as resistance suggests a trend towards lower volatility which should be good for stocks.
However, the double bottom has not been invalidated and with the index wedged between its 200-day and 50-day MAs it effectively operates in a no-mans land. Until one or the other breaks it will keep the market in a sideways consolidation with a slight (current) bullish bias.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
However, the double bottom has not been invalidated and with the index wedged between its 200-day and 50-day MAs it effectively operates in a no-mans land. Until one or the other breaks it will keep the market in a sideways consolidation with a slight (current) bullish bias.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website