For example, the Nasdaq 100 is holding on to its breakout gap. The 20-day MA is also fast approaching and in a position to lend support. However, On-Balance-Volume is still trending lower in a path of distribution, but a few days of heavy volume buying could reverse this trend.
The Nasdaq also has a consolidation to break from and a breakout gap to defend. Unlike the Nasdaq 100, it enjoyed a 'Golden Cross' between 200-day MA and 50-day MA, an important long term bullish trigger.
The S&P spent another day preparing to break higher, but so far it hasn't done it, despite a higher volume accumulation day.
Again, for Thursday look for bulls to push on. Markets have been resilient to every attempt by bears to drive things lower. Until proven otherwise, bulls hold the edge.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
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