Both the and posted small gains after Monday to keep the consolidation intact and return both indices above their respective 50-day MAs. Buying volume was down for both indices. technicals remain net bearish, although momentum for the S&P 500 is bouncing off the midline – an area of support in a cyclical bull market.
The () is holding breakout support as it trades near highs. Of the main indices, it’s best positioned to kick on to new all-time highs. If it’s able to do so, then look for the Nasdaq and S&P to challenge their June highs.
The has also squeezed itself at all-time highs. It’s a good swing trade opportunity; trade the break of the narrow range (high/low) and place your stop on the flip side – a high-risk:reward trade when you can trail a stop, particularly when a breakeven trade can probably be established quite quickly.
is drifting lower and I’ll be looking for a big red candlestick (>5%) soon. Hard to see why buyers would be keen to step in for an asset that has no intrinsic value. It’s a short trade, although not as attractive as it was when it traded at its 20-day MA (marked by blue arrows on the chart).
have made a solid recovery over the past couple of days and there is an increasing chance this will hold the gains from March (amazing really, given the index has doubled over this time).
We have a number of trade opportunities across markets; for bulls, there is the Russell 2000, for swing traders, there is the equal-weighted S&P, and for bears, there is Bitcoin. I will be offline until next Wednesday as I’m travelling. We will see how these predictions pan out.
5 Stocks Our Experts Predict Could Double In the Next Year
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