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Markets Defend Moving Averages; Good Buying Opportunities

Courtesy of Declan

It was not particularly pretty but it was effective. There was no further drive lower but traders were happy to step in to defend moving averages; those who made the leap were rewarded with an attractive risk:reward opportunity.
 


The Nasdaq had its moment as it tagged its 50-day MA. There was no significant technical change but underperformance against the Russell 2000 is still a factor.
 


Small Caps also had a positive text as it left a 'bullish hammer' right on its 50-day MA. For those who saw the opportunity, it was another good chance to buy the pullback.
 


Even the Dow Jones managed to mount a defence of the rising channel.
 

Finally, even the beleaguered Semiconductor Index found support at the 200-day MA – offering itself as a buying opportunity. The only real ugly thing was the sharp underperformance against the Nasdaq 100.
 


It was not a spectacular day but it was a reliable one for those watching support levels. The lack of morning downside meant those who took advantage of the opportunity were presented with good risk:reward long plays. If you are one of the lucky ones then sit on it and see what happens.
 


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