NASDAQ bump!
The NASDAQ (like the SPY) did a spectacular turnaround week...
Last week appeared so bearish with all indication pointing to the down draft to the last low, and this past week appears to have changed that trajectory. Here is why:
The NASDAQ weekly chart closed the week the a bullish candle, one that is significant because it almost qualifies as a Bullish Engulfing (very similar less small strict technical details). More importantly, the bullish candle closed above the previous week's gap down range, a bullish indication.
The technical indicators are not yet aligned as the RPM indicates upward momentum, but the MACD pretty much crossed under the Signal line.
The daily chart has a clearer bullish confirmation pattern, and is a possible higher low pivot. The week had started with bearish days and mid-week came a clear Bullish Engulfing type of candlestick pattern. This was followed through by a nice bullish candle with a lower tail, and beautifully completed by a Gap Up (uncommon for futures) and run to close a previous gap down range. Oddly, it is at a confluence point of the daily 55EMA as well as the resistance of a trend line (green down sloping trend line).
The really nice thing is that the technical indicators, both the RPM and MACD are aligned and supportive of a bullish follow through.
There are a couple of resistances marked out, and breaking each one would give the bulls more impetus to charge upwards.
Appears as if a higher low is formed, and if so, watch for a higher high (13.5K)... ranges are bigger and wider now, so have to be careful.
stay safe!
Last week appeared so bearish with all indication pointing to the down draft to the last low, and this past week appears to have changed that trajectory. Here is why:
The NASDAQ weekly chart closed the week the a bullish candle, one that is significant because it almost qualifies as a Bullish Engulfing (very similar less small strict technical details). More importantly, the bullish candle closed above the previous week's gap down range, a bullish indication.
The technical indicators are not yet aligned as the RPM indicates upward momentum, but the MACD pretty much crossed under the Signal line.
The daily chart has a clearer bullish confirmation pattern, and is a possible higher low pivot. The week had started with bearish days and mid-week came a clear Bullish Engulfing type of candlestick pattern. This was followed through by a nice bullish candle with a lower tail, and beautifully completed by a Gap Up (uncommon for futures) and run to close a previous gap down range. Oddly, it is at a confluence point of the daily 55EMA as well as the resistance of a trend line (green down sloping trend line).
The really nice thing is that the technical indicators, both the RPM and MACD are aligned and supportive of a bullish follow through.
There are a couple of resistances marked out, and breaking each one would give the bulls more impetus to charge upwards.
Appears as if a higher low is formed, and if so, watch for a higher high (13.5K)... ranges are bigger and wider now, so have to be careful.
stay safe!
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