We closed out the week with a green candle on higher volume, and while the Dow was dropping.
We have the stochastic moving higher, called a hinge, and the CCI is pointing lower but we have a positive divergence because of the lower lows on price action.
I believe we test the new resistances at the highs from previous sessions.
If the small caps rally this week, it will bring the index right back up to the 20 period moving average, at which time it will act as resistance because of role reversal so we will have to see if we pull back from there but keep an eye on that open gap at 230.
Watch out below if we break out below 210.
We have the stochastic moving higher, called a hinge, and the CCI is pointing lower but we have a positive divergence because of the lower lows on price action.
I believe we test the new resistances at the highs from previous sessions.
If the small caps rally this week, it will bring the index right back up to the 20 period moving average, at which time it will act as resistance because of role reversal so we will have to see if we pull back from there but keep an eye on that open gap at 230.
Watch out below if we break out below 210.
Comment:
Price target has been hit