Courtesy of Declan Fallon
A brief respite in the buying with a drop in trading volume compared to Wednesday. The narrow trading may offer a swing trade opportunity on break of high/lows. The S&P fell slightly but is nicely set for a swing trade.
via StockCharts.com
The Nasdaq posted small gains on higher volume accumulation. Looks good to push higher. The narrow trading of the past couple of days suggests a sizable one-day move will soon follow. Technicals rising along with bullish momentum but they are not overbought, another tick in favour of buyers.
via StockCharts.com
Small Caps added a few more points, confirming yesterday’s breakout. How will the MACD fare at the bearish divergence? So far it has played very well for bulls.
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One index where bears have the edge is the semiconductor index; rebuffed at trendline resistance. A short position can trail a stop at the 50-day MA and/or declining trendline.
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Rallies are overbought in the short term so losses are likely to creep in – impacting on weak indices like the semiconductor index or indices at resistance such as the Dow. Traders can look for opportunities in these two indices.
