Bulls are trying to stage a recovery
There is still work to be done but indices are trying to make back lost ground from last week. If there is a concern it's that buying volume wasn't great.
We will start with the Nasdaq; Friday's selling drove price action into the rising trendline, while Monday delivered a recovery. The swing high from January hasn't yet been challenged. Only the MACD is on a 'sell' trigger and it will take more than a couple of days of buying to bring this back into net bullish territory.
While the volume wasn't great, the S&P did manage to stage a sufficient recovery to register a 'bear trap' and return the index above its trendline. Technicals are a mix of bullish and bearish signals, although relative performance is slowly making up on lost ground (vs the Russell 2000) and is on the verge of a new 'buy' trigger.You've now read my opinion, next read Douglas' blog.
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