Courtesy of Declan.
Not much to write about. The S&P did nothing more but offer swing traders a nice narrow intraday range to trade against.
The Nasdaq added a few more points, but nothing exciting other than to please existing shareholders.
Somewhat surprised to see the Russell 2000 gain. I would still like to see a move back to channel support, but nothing to say it will. The ‘sell’ trigger in CCI was negated.
The Nasdaq 100 tagged channel resistance. Bears may take that as a sign to attack, but given the light volume it’s not the strongest of bearish signals. A stop above 3,860 would be the risk measure if looking to short. The MACD is holding on to a ‘sell’ trigger, but looks ready to switch to a ‘buy’.
Finally, the semiconductor index looks ready to deliver on the ‘bear trap’ – probably the best of the long trades out there.
For Tuesday, bulls can look to the aforementioned semiconductor index, and bears to the Nasdaq 100. I’m going back to watching the more than entertaining Germany vs Algeria WC game.
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