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SPX- Yesterdays reversal filled a gap and strongly moved higher. It is right against the down trend line, and a push higher above the 50sma and the trend line is a buy if you ask me( I would have taken a chance and bought here). A break higher should indicate that we have a dcl and the markets are done consolidating for now.
Let's take a look at the NASDAQ
Read More We will talk about this and what it could mean for the Miners,
after a brief review...
Read MoreLet's review the weeks market movement and see what is likely to happen next week.
NASDAQ -We still haven't dropped into our ICL, but you can see that the NASDAQ has basically gone sideways all summer. Price is where it was in May. Is this reversal ready to move price higher out of this consolidation?
Well, we are within the timing for a DCL on the daily charts, but look at that lower indicator on the above NASDAQ chart. This sideways move has internal weakness, so the next daily cycle could roll over too, if you buy the reversal here, use a stop.
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