Market has been jerking traders around like a puppet on a string. After the wildly bearish events of Friday 8/23, market participants were exhausted today. So the fact that the US didn’t go to war with any of the G7 countries, or Iran, or whatever, was enough of an excuse to start some bargain hunting.
We discussed in our post last night how the weekly charts of all market internal indicators were starting to have a bearish bias. However, a bearish bias does not mean the start of an immediate bear market.
For the short-term, it appears that $SPX $NDX are back into their range trade mode once again. There is a reasonable possibility that $SPX $NDX may be able to work their way to rise out of the current range soon.
The rest of this article covers:
Updates from market internals
Table of support and resistance levels
Planning your trades
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