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Now that we have seen some steady selling in various areas of the markets, some set ups look ready to buy again. Before discussing these set ups, lets review the markets in general.
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NASDAQ - After the steep drop, we usually see some consolidation and chart repair under the 10sma. Eventually if you get a break back above that 10sma, price often continues higher. We could break back inside this channel, but it was the start of a downtrend. Trading is no longer buy & hold for many.
Lets see how the various market sectors continue to march toward their next big move.
SPX - Many thought that the recent sell off would recover straight up like the one on the left last October. Did you notice the back tests recently? These are acting like resistance points.
Lets look closer...
Read MoreI dont always do a Friday report, because the Thursdays report usually also covers what could follow through on Friday. Since Friday is the last trading day of the week, the weekend report covers it all. I wanted to write one today - Just Bcuz.
SPX - This could be a consolidation to push higher or could be forming a bear flag.
Yesterday it was noted that even when the markets were higher in the morning, the usual suspects were not joining in. That would be F.B., GOOG, AMZN, etc.
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