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Sellers Challenge Breakouts But Markets Hold On

Courtesy of Declan.

Trump’s tariffs sent markets on a bit of a spin but total selling, while ranked as distribution, didn’t go above 1%. More importantly. the bullish setups from yesterday remain valid.




Loses in the S&P took the index back to challenging the ‘bear trap’. An open around 2,700 could offer a discounted long opportunity.






The Nasdaq finished with a small ‘inverse hammer’ just above the breakout level.





Small Caps gave up a large chunk of yesterday’s follow-through move but not enough to negate it.  Technicals remain net bullish.





The only index where further losses might be favoured is the Dow Jones Industrial Average. Today’s losses may have pushed a little too hard for a recovery tomorrow; a move to rising channel support looks a better play.





Finally, the Semiconductor Index – despite not having a great day yesterday – still maintains its breakout.





For tomorrow, those favouring continued weakness can focus on the Dow Jones. Longs could go aggressive on the S&P or look for the Russell 2000 to recover its lost ground today.




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.






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