Two days of positive factors have helped re-establish the bullish technical image for tech indices, Nasdaq and Nasdaq 100. While the development was welcomed it didn’t come with no worth.
The Nasdaq broke by way of declining resistance but in addition left it itself wedged beneath the previous rising channel. If there’s a probability for shorts, then tomorrow might be it.
The Dow Jones continued its good type, albeit on a small achieve because it shapes a bullish deal with (off an earlier deal with). While above the breakout resistance degree of 21,550 it’s going to want extra quantity to verify whether or not the transfer is legitimate.
The Russell 2000 continues to be the index with probably the most potential power to drive the subsequent main market rally. Today’s ‘hammer’ subsequent to 1,430 units the tone for a robust Friday. Momentum gamers ought to take notice.
Tomorrow will both show to be a victory for shorts with channel resistance reversals for the Nasdaq or Nasdaq 100 or a win for the Russell 2000 and a chance for a strong 1%+ breakout type achieve. Those are the indices and trades to observe.
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SOURCE: Fallon Financial Commentary – Read complete story here.