Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Defense of 200-day MAs Continue

Courtesy of Declan

Markets continued their advance after successfully bouncing off their 200-day MAs. While indices play defense and edge small gains they are in a position to gradually attract fresh buyers.
 


The Nasdaq edged slightly bigger gains on the day as it makes its way back to its first overhead test of its 50-day MA. Assuming the index can hold on to the recovery above channel support it will be working off a 'bear trap' -  a good place to position stops. The continued relative outperformance of the Nasdaq to its peers will also help.
 


The Russell 2000 hasn't put a foot wrong since bouncing off its 200-day MA but it took another tick lower in relative performance which leaves it vulnerable should a fresh round of selling kicks off.
 


For tomorrow, bulls will want to maintain the momentum of small, steady gains. There is plenty of lost ground to make up but there will be no shortage of patience given the big gains posted over the course of this bull market. If the day starts weak or fails to follow through after the opening half hour then look for a down day which could be the start of a low retest.
 


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!