Steadying the ship
There wasn't a whole lot to today's action aside from reaffirming the consolidation action in lead indices. Trading volume returned to normal after Friday's Triple Witching.
For the S&P there was a bullish cross between the 50-day MA and 20-day MA as the narrow consolidation near resistance stretched into a second week.
The Nasdaq experienced a narrow range day - again, just above converged 20-day and 50-day MAs. I'm liking this for a bounce, but my comments around 52-week high and lows from yesterday remain.
Although the Semiconductor Index looks ready to help in the short term. A new MACD trigger 'sell' adds another tick in the bear column, but price action looks like it's setting up for an upside breakout.
The Russell 2000 experienced a fifth day of losses in a row but it's all very narrow and the majority of gains were retained.
For tomorrow, we won't want to see big losses and if there are not gains then volume should be light. Positive action but no need to read too much into it.
You've now read my opinion, next read Douglas' blog.
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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.
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Investments are held in a pension fund on a buy-and-hold strategy.
For the S&P there was a bullish cross between the 50-day MA and 20-day MA as the narrow consolidation near resistance stretched into a second week.
The Nasdaq experienced a narrow range day - again, just above converged 20-day and 50-day MAs. I'm liking this for a bounce, but my comments around 52-week high and lows from yesterday remain.
Although the Semiconductor Index looks ready to help in the short term. A new MACD trigger 'sell' adds another tick in the bear column, but price action looks like it's setting up for an upside breakout.
The Russell 2000 experienced a fifth day of losses in a row but it's all very narrow and the majority of gains were retained.
For tomorrow, we won't want to see big losses and if there are not gains then volume should be light. Positive action but no need to read too much into it.
You've now read my opinion, next read Douglas' blog.
---
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
Investments are held in a pension fund on a buy-and-hold strategy.