The Russell 2000 suffered a 1.5% drop yesterday, but again stopped short of the lows that were touched last week. The index is moving closer to the apex of an ascending wedge pattern.
There were signs of life on Friday for some big names in technology, which is not saying too much since many of these stocks have been moribund for weeks.
The Nasdaq 100 continues to languish close to the June lows, and the 1550 level needs to be crossed before the tone of the chart begins to look more constructive.
While the S&P Index remains indecisive and below the 1280 level, Clive Corcoran remains cautious about how much momentum there is behind the positive tone that was seen at the beginning of the week.
Clive Corcoran writes that there is a lot of resistance on the Dow chart between 11,200 and 11,400, and we have not seen a close above 11,300 since May 16.
Copyright 2024 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