The Nasdaq took a small loss, but 4,485 should be strong support. Losses back to this level will also offer a buying opportunity. A decisive undercut of 4,485 would switch to a 'bull trap', but that is not today's problem.
It's the same story for the Nasdaq 100: buy back to 3,997, but watch for a 'bull trap' on losses below 3,997.
The Russell 2000 lost a little bit of ground, but remained close to the 50-day MA. Technicals are not net bullish.
The S&P is the index to watch tomorrow. It has reached an inflection point: either it breaks 1,990 or it bounces off it. A bounce off may be nothing more than a delay, particularly if the Nasdaq continues to push higher. Note, technicals for this index are net bullish.
---
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.
All Contributions Welcome - Thank You!
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!