Yesterday's Losses Reversed
Bulls can be happy with today's progress. What weakness emerged today was reversed by the close, a change on yesterday's action where sellers dumped in the last few minutes of trading. Volume climbed to register an accumulation day.
The S&P finished at the 50-day MA, but beyond that there is plenty of room beyond that to run to the next level of resistance at 2,045. Technicals are net bullish.
The Nasdaq pushed off its 20-day MA and has another 50 points of maneuver before it gets to its 50-day MA. Technicals are not yet net bullish, but they are close.
The Russell 2000 also made good progress, and is now enjoying a relative gain against the Nasdaq (but not yet the S&P). Next up is the 50-day MA.
The Nasdaq 100 will be the first index to challenge a major resistance level as it comes up against declining resistance established in July and August. It's also attempting a push into the early summer base - the first of the lead indices to do so.
For tomorrow, bears will be watching the Nasdaq 100 and S&P for an opportunity, but a bright premarket might see a good run in the markets for the rest of the day.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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The S&P finished at the 50-day MA, but beyond that there is plenty of room beyond that to run to the next level of resistance at 2,045. Technicals are net bullish.
The Nasdaq pushed off its 20-day MA and has another 50 points of maneuver before it gets to its 50-day MA. Technicals are not yet net bullish, but they are close.
The Russell 2000 also made good progress, and is now enjoying a relative gain against the Nasdaq (but not yet the S&P). Next up is the 50-day MA.
The Nasdaq 100 will be the first index to challenge a major resistance level as it comes up against declining resistance established in July and August. It's also attempting a push into the early summer base - the first of the lead indices to do so.
For tomorrow, bears will be watching the Nasdaq 100 and S&P for an opportunity, but a bright premarket might see a good run in the markets for the rest of the day.
You've now read my opinion, next read Douglas' and Jani's.
---
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.
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
