This week is likely to get off a to a slower start than last. Most eyes will be watching the upcoming Fed announcement on Wednesday and will not want to commit much to new positions prior to it.
Toni Hansen writes that it would be helpful for the bulls if the indices had a few days of corrective activity in order to be able to mount a decent offensive against the bears.
In the Nasdaq Composite, there is not a great deal of support until the 50-day sma. In the S&P 500 and Dow, support is going to be the combination of 50- and 100-day sma. The prior daily lows from a few weeks ago will serve as a little support, but are not as significant given the increased pace of the downside since last week.
Toni Hansen is leaning towards the market trying to hold Thursday's range on Friday. She thinks the larger back and forth moves with the strong upside into the early afternoon on Thursday will make it more difficult for the indices to adequately break those lows.
Toni Hansen writes that we have had three waves of selling now on the 15-minute charts, so we do have the potential for a more significant intraday correction off support early on in Thursday's session.
Toni Hansen writes that the pace over the past week will leave the indices open for a pullback to flush out buyers before it can be allowed to continue.
Copyright 2025 Tiger Shark Publishing LLC . All rights reserved.
It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.
Free Festival of Traders Videos
full story
printer version