It looks like both the nasdaq and s&p are working on a dead cat bounce off a hard sell off yesterday (also the other US equity indexes, just not shown). We see they are approaching important previous low's and bottom of the up move's retracement channel shown in purple
(shown on a daily chart in my previous post) We also see continuation divergence between price and the MACD in both charts shown by the yellow trend lines. I think these levels are important to stop at if these markets are to continue down right now, otherwise a retrace of last weeks sell off might be in order.
Think we're still due for a stronger rally or is S&P gonna keep tanking in the short term? Thanks for your analysis.
ReplyDeleteI don't know how Sandwich feels, but I think rallies into 1280-1300 can be sold for a move down to 1250 (talking about the SNP)
ReplyDeleteNow that we've held that resistance pretty firm at 1290, I think its a good chance we head right to 1250-1240.
ReplyDelete