Low Volume Rebound - Relief Rally Done?
The easy work for bulls is done, now the real graft begins if overhead supply is to be consumed. A couple of indices sit at resistance levels more suited to short positions, but shorts haven't had too many opportunities beyond the recent 'bull traps'. The Nasdaq is perhaps the most vulnerable. It tagged former support turned resistance with the 50-day MA just overhead. A another leg down to test 4,325 would appear more likely, although a strong start on Monday would put a short position on hold.