Weekly Market Commentary: Bulls Blink?
Weekly charts are looking more ominous for bulls. In the S&P note how stochastics are some way from turning oversold. Don't expect 61.8% Fib retracement to hold as support as it did earlier this year.
The confirmed buy in the Nasdaq Percentage of Stocks Above the 50-day MA may end up to be a bull trap as index and supporting indicators fail to touch resistance/overbought conditions.
The Nasdaq Summation Index may have had a case of bad timing. Friday marked a confirmed 'buy' although the index itself is in the center of neutral territory; half-glass full types will view this as room to the upside, half-glass empty types will see this as plenty of room to the downside.
AAAA Nasdaq Summation Index (Ratio Adjusted) ($NASI): "
Markets look like they want to move lower; how much lower is the question. When market breadth indicators regain oversold territory will be the time to look for buying opportunities.
Back to my vacation (after I get some more trading jobs posted)
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