9.5 C
New York
Thursday, April 18, 2024
HomeCharts
ChartsNews

Daily Market Commentary: Better Than Expected

By Chart School
0
124

Daily Market Commentary: Better Than Expected

Courtesy of Fallond Stock Picks

Bulls are defending the May spike low not at its lows, but at the spike low’s highs. The S&P finished just shy of a test of its 200-day MA, but the 20-day MA is less than 10 points from a bearish cross of the 200-day MA; a big battle is due soon! Volume was light which is a little worrying given the extent of the day’s gains.

($SPX)

 via StockCharts.com

The Nasdaq is close to yet another test of declining resistance connecting April and May reaction highs. Each test weakens resistance and with the 200-day MA acting as support the likelihood is for resistance to break. Pending MACD trigger ‘buy’ too. 
($COMPQ)

via StockCharts.com

The Nasdaq 100 went one step better and did trigger a MACD ‘buy’ as the index finished just above the 20-day MA. There may also be an early stage break of declining resistance connecting April-May reaction highs.

($NDX)

via StockCharts.com

Tomorrow offers a great chance for bulls to cement a bottom. Breaking past declining resistance and/or 20-day MAs will firm up demand generated from the past week’s trading ranges. 

It’s all to play for… 

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,359FansLike
396,312FollowersFollow
2,290SubscribersSubscribe

Latest Articles

Load more

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Contact us: support@philstockworld.com

© Copyright - PSW, LLC.

2024
0
Would love your thoughts, please comment.x
()
x