Courtesy of Declan.
It was a mixed day for indices. Large Caps remain bound by wedge support/resistance, but Tech broke upside yesterday from similar wedges and held those breakout today.
There was little change for the S&P over the last couple of days. The one technical change was the MACD trigger 'buy' as other technicals stayed on the bearish side.
Meanwhile, the Nasdaq cleared wedge resistance yesterday, and was able to hang on to the breakout despite today's loss. It too enjoyed a MACD trigger 'buy', but had an On-Balance-Volume 'sell' to contend with too.
The Semiconductor Index had a better day. It suffered very little loss on yesterday's gain and it's on the verge of a MACD trigger 'buy'. This will help the Nsadaq and Nasdaq 100 hold on to their breakouts.
The Russell 2000 had looked to kick start a recovery, but today's loss turned what had the makings of a swing low into a potential 'bear flag'; watch for follow through downside tomorrow.
Things are a little different for tomorrow. The Russell 2000 had set up for a swing low, but today's action delivered a greater than expected loss and didn't offer a bullish follow through. While the Nasdaq has offered a clean break higher and is holding those gains in the face of today's loss; bulls may find some joy here.
You've now read my opinion, next read Douglas' blog.
