Bullish momentum carried the indexes to rally now that the bears are in anticipating further decline.
DOW
Dow likes to do its own thing but the current market conditions are skewed. However, sellers last week the bulls seized the moment and drove the market higher. With price breaking down now with clear signs of heading lower i am anticipating a retest the neck where price accumulated previously for the next leg lower.
S&P 500
Not much different than the DOW. Spyder has been relatively similar in PA. Anticipating a rally for next leg lower.
NASDAQ
This instrument failed to create a higher high like its counterparts. This is a sign of weakness and as such there may not be significant retracement and continue to melt down towards the end of the week.
DXY
Showing signs of strength. I am skeptical of any rise in the dollar given that inflation is lurking around.
DOW
Dow likes to do its own thing but the current market conditions are skewed. However, sellers last week the bulls seized the moment and drove the market higher. With price breaking down now with clear signs of heading lower i am anticipating a retest the neck where price accumulated previously for the next leg lower.
S&P 500
Not much different than the DOW. Spyder has been relatively similar in PA. Anticipating a rally for next leg lower.
NASDAQ
This instrument failed to create a higher high like its counterparts. This is a sign of weakness and as such there may not be significant retracement and continue to melt down towards the end of the week.
DXY
Showing signs of strength. I am skeptical of any rise in the dollar given that inflation is lurking around.