After a couple of weeks of selling, buyers decided to step in and reverse the near-term trend. Buying volume stepped up in confirmed accumulation. It was a good trade for those who took advantage, and it’s increasingly looking like new trading ranges will come out of this.
The () had a support level to work with, but will likely find resistance at its 20-day MA.
I had mentioned yesterday, and while it didn’t post the gains of other indices, it could have a big day today.
The finished on a solid bullish engulfing pattern, and this could become a nice breakout for those looking to get in before 8.3K is challenged.
Similar story for the .
But the delivered on a breakout.
Given what has gone for the equal-weighted Nasdaq 100, I would be looking for the same from the equal-weighted S&P and Dow Industrial, with further step gains for Bitcoin.
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