Heading into the new week, there is not a strong bias for an intraday trend move. With some rounding off at lows on the 60-minute charts, it will be easier to move higher, but the indices are stuck between strong support and resistance levels on the daily charts.
A lot of stocks still have room to move lower as the week progresses. Intraday, however, we are a bit oversold and are at decent support levels to allow for the closing correction to continue into the morning on Wednesday.
Toni Hansen writes that she expects trading to be lighter throughout the week and risk to remain high. There is a slightly more bearish tendency at play right now.
Toni Hansen anticipates seeing more upside, though she is concerned by the slower upside intraday compared to the prior declines, but the more gradual pullback Wednesday morning in the S&P 500 and Nasdaq attempted to ease that.
Although the intraday charts are very extended to the downside, the daily charts of both the S&P 500 and Dow are both now more likely to test the 50-day simple moving average support and break the 20-day simple moving average support more solidly.
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