These selfies are getting ridiculous.
Well we got our second up day in a row from $SPX and Dow Jonzey, but only first up day for $IWM and $QQQ, The Dow closed just above its 50 day ma and the SPX closed just under it. I’d like to see follow through days for all tomorrow.
If you look at the Russell 2000 on the daily, it overthrew the 200 day ma (they do that a lot.) What I was happy to see was that the Russell rallied back and retook its 200 day moving average. What I also like is that when it broke its 200 day today, it also almost retested lateral support from Feb 2.
Based on this, I’m inclined to say the the Russell put in a short term bottom today.
The Nazzy is a different story. It didn’t go down and test the 200 yet, but there’s no law that says it has to. Back in June 2013 we were getting pummeled and it came close but never tagged it. The volume was pretty good today and it put in a bullish candle. However, it still may want to go down below and test its 200 day ma around the 82.75 level So maybe we are done going down on that one too or close.
Last Wednesday we ripped, only to be waffled ironed to the face the following two days so keep em tight.
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