Courtesy of Declan.
It was a low key Friday for markets. Markets finished near Friday’s highs, but the Semiconductor Index finished with a potential bearish ‘black’ candlestick (a lower close to open, but a higher close to the previous day). CCI for this index is ready to cut below the 200 marker.
Other indices capped a recent run of gains with a bearish ‘hammer’: Russell 2000 and S&P
The S&P registered a distribution day.
The relationship between Consumer Staples and Discretionary remains on the bear side with technicals all negative. A loss of the swing low would confirm, but there is a considerable discrepancy in the relationship between the S&P and the Consumer ETF ratio.
Friday was a pause in consecutive days of buying, but the respectable finish keeps bulls in the driving seat. Look for further gains in the near term and a break of winter 2015 highs.
You’ve now read my opinion, next read Douglas’ and Jani’s.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for “fallond”.
If you are new to spread betting, here is a guide on position size based on eToro’s system.
