What carried for the end of the last week still has relevance today. If you haven't been a buyer, you still have a chance now. There are a number of support opportunities across indices.
The Russell 2000 (IWM) is holding support of its converged 20-day and 50-day MAs. The 'bull trap' is still the dominant (bearish) play, so if there is an undercut of these moving averages, and by that, I mean an end-of-day close below these averages, then a move back to $287 is favored.
The S&P (SPY) has traded within a very narrow range centered around 7,675. There is support at the 20-day MA, 7,650 and then the 50-day MA. It too has it's own 'bull trap', but given breakout support has held the significance of this is reducing by the day. Technicals are a little mixed with a weak MACD and On-Balance-Volume 'sell' in play. Ideally, an intraday spike down to 7,600 would nicely knock out stops, but will we see one?
The Nasdaq (QQQ) sits on 20-day and 50-day MAs. As a range bound index it's more prone to noise, and therefore could go either way, but I'm happy to see this go higher. If the S&P and Russell 2000 (IWM) post gains, then look for the Nasdaq to follow. There are three bearish technicals to one positive. This may yet drift back to 25K, but given current action, I don't think it will.
Bitcoin (BTC.X) marked a tag reversal off its 50-week MA. This may mean a few weeks of consolidation before there is a push above 83K.
On the Daily chart, watch for a bearish fakeout. We may see a big one-day move down, stabilizes, before resuming higher.
I haven't mentioned the Dow Industiral Average (DIA), but there was a nice two-bar bullish reversal that sets up for a challenge of the 'gravestone doji' with a high at 54.7K.
Indices have been remarkably stable over the last few days. The trend is bullish. The setup is bullish. Markets just need buyers to deliver.
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