It was a stealth setup for the Russell 2000 (IWM), hiding below its 200-day MA and declining trend before buyers made a higher volume break of resistance (on confirmed accumulation). The next target is the 50-day MA for those who took advantage of the break. Supporting the move are 'buy' signals for the MACD and On-Balance-Volume. When it gets there, or tags the July swing low, we will get a better idea as to whether bears arae in control or buyers have enough momentum to mount a challenge of $300.
The Nasdaq (COMPQ) rallied from support and has reached its first target of its 20-day MA. Next is the 50-day MA. Technicals remain net negative.
The S&P didn't register a breakout given it's still stuck inside its range, but it could do tomorrow. The only problem is that it has already banked two days of gains, so the risk:reward isn't entirely favorable.
Bitcoin (BTCUSD) is down at the October spike low and is an aggressive long trade for those looking for a new push to $87.5K. I think it's a good opportunity for those looking for a quick trade given the risk:reward is easy to assess with a stop on a loss of yesterday's lows. Long term traders can continue to hold; only a loss of $75K would suggest this base-building exercise is going to take longer.
The Dow Jones Industrial Average (DJIA) is tracking along its 50-day MA and converged trendline support. I think there is a bounce trade here too - helped by net bullish technicals. First target is $53K and then $54.5K.
So, we still have a few trade opportunities to work with, all favoring the long side.
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