The consolidations I mapped out last week for the and , shipped breakouts move on Friday. Volume wasn’t particularly high, but there were technical improvements for these indices.
The breakout in the S&P 500 saw a new On-Balance-Volume breakout to follow the early ’buy’ trigger in the MACD. The index is enjoying a relative improvement over the Nasdaq.
The also edged higher out of its consolidation, running along its 50-day MA in the process. The MACD is on a new ’buy’ trigger along with the stochastics mid-line. The index is outperforming the Russell 2000.
The () had a quiet Friday, drifting along on ever-decreasing volume. This apathy has led to an underperformance relative to the Nasdaq and S&P 500, although momentum has remained strong.
The is holding to its upwward trend, although its drifting ever closer to support. The MACD is strong, but is on a weak ’sell’ signal. If there is a break of the trendline, look for a move to test 8,300.
was heading lower, but after getting close to its measured move target it rejected the bearish challenge on the tweezer bottom, and instead reversed higher (effectively, confirming the tweezer bottom – if a little unconventional). It has since regained its 20-day MA and is on course to challenge its 50-day MA. If it gets past the 50-day MA, it will take out the most last shorting opportunity generated by the spike high from the 20-day MA in June. This is coming off a heavy sell off from $126K and looks ready to make gains that could last months to years… As an aside, this is bouncing off the 200-week MA.
With summer in full swing we are seeing a drop off in trading volume, but there are opportunities for those stuck at home. Bitcoin looks best of the bunch, but the Nasdaq and S&P 500 also have potential.
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