Lead indices had a good end-of-week finish that registered fresh breakouts. The slingshot index could be the (). It traded a nice handle before it broke lower in what looked to be a pending test of its 20-day MA. But instead of that, it reversed and has now broken to the upside. We are looking for a potential measured move target of 320(ish).
The has been reaching its target goals like a kickstarter project. It finished Friday on a potential gravestone doji – a reversal candlestick. It had posted a higher day accumulation the day before, and the move out of its smaller handle has only begun, so it may be a little early to be heading lower, but we need to be aware of the possibility. Technicals are net bullish, although the index is sharply underperforming the .
The reflects this a little differently. Thursday delived the ’bull flag’ breakout, but the selling on Friday led to another failed test to break resistance. If you want a short play, this is the one to target with a stop on a move above 8,300.
The ($QQEW) is again above its 200-day MA after an earlier failed test. This has some nice upside and is perhaps the long trade of choice with a target of January highs around $145; stops go on a loss of $136 (although intraday violations are okay).
Feeding into this is the . It’s back challenging its all-time high and the bearish candlesticks at 10,564 resistance (also the measured move target). If this manages to break higher, then it should help $QQEW reach its target.
continues to play to bullish form with a slow-and-steady advance. The 200-day MA is fast approaching, and this will be its first big test after such an extensive decline.
For this week, we have a number of bullish setups, with only the equal-weighted S&P index being the one that might give shorts something to work with.
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