Thursday opened with the market transport network higher, but it was not long before the benefits have been withdrawn and a little. It was commendable bulls not run and hide, although there will be more difficult for them to push higher given the morning events. With bears destroys, now could it time we start seeing the testing of the 20-day MAs.
S & P are above the ascending channel line (former resistance); but there was an on-balance-volume "sell" technicals started to deteriorate.
($ SPX)
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Nasdaq ended with a bearish engulfing pattern, which is not difficult to understand in light of yesterday's narrow range day; Strengthen the bearish factor is overbought stochastics.Look for a lower close Friday.
($ COMPQ)
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Russell 2000 closed above the spectrum trading support; it is not so bearish as other index but are likely to suffer if others do.
($ RUT)
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The Dow closed a picture perfect touch of ascending channel resistance. lower prices is the natural way from here.
($ INDU)
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Friday is likely to be a hard day; Bulls will look for damage and perhaps a test of the 20-day MAs, a strong finish would put things nicely for Monday. If the bears can attack the morning session with gusto, it will be difficult for the bulls to recover, especially if the index falls back to before the trading range.
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