With higher trading volumes, markets rallied to Qs 30.46, SPX 911.29, DOW 8835.25, Nasdaq 1596.70 after reversing from Qs 27.38, SPX 818.69, DOW 7965.42, Nasdaq 1428.54 with higher trading volumes and 90% up volumes closing the day with reversal hammer formations.
SPX and DOW are showing bullish falling wedge formations. SPX closing at 911.29 after reversal from SPX 819 falling wedge trendline support and DOW closing at 8835.25 after reversing from 7966 – falling wedge trend line supports. Future ES/NQ charts are showing channel formations on 60min and falling wedge formations on daily. Intraday price actions are continuing to show positive divergences even though markets closed at intraday resistances as shown on 60 min charts.
We have seen climactic volume and VIX/breadth actions during Oct 2008 lows and now markets are showing “retest of bottoms” with positive divergences and with falling wedge formations.
So far, we have seen good signs of “retest of bottom” and will look for a confirmation. Good luck
No comments:
Post a Comment