The Nasdaq QQQ set another fresh all-time closing high today and remains the strongest of the big 3 indexes.
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Have a great day! The short-term trend on the daily charts is bullish. If the indexes close at new all-time highs, it would negate the 'island reversal' pattern printed last week.
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SPY is technically bearish albeit barely on the daily chart, but bullish on the weekly chart Have a great week! The Dow lost 1, points today and finished at the lows of the day The gap down today created an 'island reversal' which is not a good sign if you're a bull.
Happy Days Are Here Again The Nasdaq via the QQQ's hit fresh new all time highs on Friday signaling 'happy days are here again' apparently. While the current rally may seem disconnected from reality, the day EMA has proven to be a fantastic guide on the way up. Keep how did Sobchak Ksenia make money eye on this key shorter-term moving average for a sign the party is over.
The major index ETFs remain bullish on their daily charts. The major indexes remain bullish on their respective daily charts heading into this week. Keep an eye on the day EMA for a 'canary in the coal mine'.
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This showed traders were selling the robust report and in doing so, it printed a massive bearish engulfing pattern. Home Depot HD lost 2. Nasdaq Refuses To Blink The Nasdaq refuses to blink when any selling pressure hits the market right now.
Its technical upside target remains the all-time highs, which aren't far off.
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These are the signs of when a market is tired and beginning to 'roll over'. I outline what key areas to watch for a breakdown. Happy Mother's Day!
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Where's The Beef and chicken? The major indexes sold off on Friday but remain bullish on the daily charts heading into this week.
Another large down move on Monday could trigger some sell signals. Berkshire reportedly announced they exited all of their US airline shares, highlighting their lack of confidence in a return to normalcy once the virus forecasts for options for the day subside. Apple, Amazon, Visa and United Airlines released earnings after the bell tonight.