Little Change
I'm waiting for bears to step in and reverse the nascent breakout but it hasn't happened yet. The intraday range was tight and the change relative to yesterday was small. This left little to add.
The S&P still has three 'sell' triggers in MACD, On-Balance-Volume and ADX to work off before the rally resumes.
The Nasdaq is creating a mini-bear flag, although confirmation will require a single day loss of at least 1%. It has a more solid technical picture than the S&P.
The Russell 2000 is on resistance, but it hasn't yet negated the 'bull trap'. It too has a MACD trigger 'sell' to work off before buyers regain full control.
For tomorrow, look for the big swing to take markets out of their tight range.
You've now read my opinion, next read Douglas' and Jani's.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
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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 for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.
The S&P still has three 'sell' triggers in MACD, On-Balance-Volume and ADX to work off before the rally resumes.
The Nasdaq is creating a mini-bear flag, although confirmation will require a single day loss of at least 1%. It has a more solid technical picture than the S&P.
The Russell 2000 is on resistance, but it hasn't yet negated the 'bull trap'. It too has a MACD trigger 'sell' to work off before buyers regain full control.
For tomorrow, look for the big swing to take markets out of their tight range.
You've now read my opinion, next read Douglas' and Jani's.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
---
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 for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.
