5.9 C
New York
Friday, March 29, 2024

Last Week’s Weakness is No More

Courtesy of Declan.

It was looking to be a struggle after last week’s series of ‘inverse hammers’ had set up what looked like swing highs for indices but these have been cleared by today’s gains.




In the process of doing so the S&P closed above the 20-day MA with ‘buy’ signals in the MACD, On-Balance-Volume and Stochastics. Only relative performance is underperforming.






The Nasdaq added to its breakout although unlike the S&P On-Balance-Volume is still on a ‘sell’ signal along with ADX. On the plus side, relative performance is sharply in the ascent – this index looks to have more left on the upside.





The Russell 2000 also managed to achieve a new high as it closed above 20-day, 50-day and 200-day MAs.  Next step is to challenge the last swing highs in January.





The Dow also posted a breakout as it registered an accumulation day. Technicals remain positive with the exception of ADX. As with other indices this continues to shape a swing low as part of a broader rally.





For the week ahead, look for further gains as January swing (all-time) highs are challenged. Tech indices offer the best chance for bulls but all indices look like they will finish the week higher.




You’ve now read my opinion, next read Douglas’ blog.




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.





Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

157,449FansLike
396,312FollowersFollow
2,280SubscribersSubscribe

Latest Articles

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