Does last week’s trading action on Thursday and Friday show the market is in a new uptrend?
It might, but there are still plenty of bearish signals to overcome before risk-on trades are now in favor.
Watch this video for more analysis on what to expect in this week’s trading.
In support of the new uptrend indication are bullish divergences on the MACD indicator on most key index charts.
However, the sharp price movements late last week have not moved many other indicators at all.
The market moved up from a strong support level that goes back about 12 months, so a strong bounce here was expected.
Prices are still below the 200 and 50-day moving averages and the downtrend lines which will provide a strong level of resistance to overcome.
My suggestion is caution this week for new positions.
I hope this helps, please like, share, and subscribe.
Comments are always welcome.
#stockmarket #swingtrading #stocks #markettiming stockmarketanalysis #investing #trading