After a couple of weeks of selling, buyers decided to step in and reverse the near term trend. Buying volume stepped up in confirmed accumulation. It was a good trade for those who took advantage, and it's increasingly looking like new trading ranges will come out of this.
The Russell 2000 (IWM) had a support level to work with, but will likely find resistance at its 20-day MA.
I had mentioned Bitcoin (BTC) (BTC.X) yesterday, and while it didn't post the gains of other indices, it could have a big day tomorrow.
The equal-weighted S&P finished on a solid bullish engulfing pattern, and this could become a nice breakout for those looking to get in before 8.3K is challenged.
Similar story for the Dow Industrial Average (DIA).
But the equal-weighted Nasdaq 100 (QQEW) delivered on a breakout.
Given what has gone for the equal-weighted Nasdaq 100, I would be looking for the same from the equal-weighted S&P and Dow Industrial, with further step gains for Bitcoin.
Comments
Log in or sign up to join the conversation.