Bulls have the Dow Industrial Average to appreciate

While last week had a disappointing finish for bulls watching the S&P, Nasdaq and Russell 2000 - there is the Dow Jones Industrial Average to provide some pep-in-the-step.  Today's gain was greatest in the Dow (vs the other, aforementioned indices) and has a solid setup for a challenge on the 'bull trap'.  Today also registered as an accumulation day - if only other indices were so good at challenging their past highs. 


While the Russell 2000 ($IWM) is not challenging highs like the Dow, it is performing relatively well on defending its 50-day MA. Today's buying did not register as accumulation as with the Dow, but it did generate a 'buy' trigger in On-Balance-Volume.  Momentum remains on the bullish side of the (Stochastic 39,1) mid-line despite the past couple weeks of losses.


The S&P managed to mount a rally of its own where selling may have been the easier option. Technicals are in reasonable shape with a MACD and On-Balance-Volume trigger 'sell' offset by strong bullish mometum and relative performance against the Russell 2000. 

The Nasdaq was the quiet man on the day.  It posted a gain, but it didn't move the dial too much. 

Had markets delivered losses today it would have been the easier path to follow after Friday's close (really, for most of last week).  We need some quick follow through if today is not to be a flash in the pan, but the buying was welcome.

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Investments are held in a pension fund on a buy-and-hold strategy.

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