Hope you've caught sight of the beautiful, pure impulse wave set off by the overnight mini shock airstrikes. Just look at what that shock-wave created. If you love charts, you'll love this...check it on the 1 minute
The day looks good for the bulls, so far. But be careful at 20750
The Nasdaq continues to hold up, repelling all bear raids off the medium term support shown line on the chart.So the Trump rally goes on. But it still needs watching carefully for the next few hours until it can get above 5435
Really frustrating conditions for anyone but daytraders, as the great unwinding of overbought conditions continues by sideways trading. Continue to buy the dips, but beware the falling resistance line at 2375.
Despite recent backing and filling The Dow is still positive whist above 20600. But it's going to have a challenge at 20750-60 where the bears have laid out their defence line...
VBR Small cap value fund continues to unwind a massively overbought condition by trading side-ways with a downward bias. It remains vulnerable to further selling pressure whilst below 124
The S and P is showing the same pattern as it did at the start of the year. It's back in the basement waiting for buyers. Once it break back above 2351 it should rally well. Se chart for details
The Nasdaq has come back down to test the long term support line that has underpinned the entire Trump rally. It's a fantastic opportunity to get long again from these lower levels. The Trump rally is not over until this lower support line is broken. End of.
Nasdaq back on support at 5407 and a buy around these levels with a stop at 5397 for a low risk potentially high reward trade. 10 points downside and 70 upside.
Further to update on Nasdaq, the S and P is back in the buy zone for a low risk trade with a tight stop under the low of the day, see comment
Dow short term exit trigger for longs -
S and P should trade down to 2360 around the open which should present a great buying opportunity with a stop at 2358, or to be safer 2355. For more in depth please see earlier comment
The Dow continues to hold up well. A bullish reverse head and shoulders pattern is forming which if completed by a rise to neckline at 20750, followed by a 50 point rdecline and then another rally which breaks above the neckline at 20750, it should be worth following for rally back to 21090
Although a certain amount of caution is needed at the highs it doesn't look like this index will come back much more than 15 points or so before rallying again to retest the highs again. The chart pattern here is very postitive, so far. Now it needs to push through the highs and take out the stops just above current values, between 5447 and 5455. If it can manage...
Since hitting resistance at 2400 and correcting by 3% everything the S and P has done has been positive. A retest of the highs looks likely in the next session or two, as per comment.
Despite trading off within 5 minutes of the open yesterday, the Dow has shown tremendous resilience, making a higher low in the face of the second attempted bear raid on it since the beginning of March. Time to face facts and adjust to the message this index is sending out...it's still not ready to go down. Get ready to close out shorts towards the open and...
The Dow has recoiled from the long term parallel resistance line and remains in danger of further substantial sell offs from here - if it trades down today within 5 minutes of open it's worth shorting with a stop at 20775 - with an initial downside target at 19970, then 18616
sterling looks like it's going to make another challenge of major reistance at 1.2050 against the Euro where it's likely to meet with selling pressure again. But this time it won't come back far before rising back to close above 1.2050 - the trigger for a bout of further Sterling strength up to a new upside target at 1.3150 - 1.3205 - so this call is long, neutral...