Time for what is becoming a regular look at these major US indexes* as they grind along in their potential bounce patterns through the ups and downs of the inflammatory economic and geopolitical news of the day.
SPX gapped down, popped to fill the gap and faded. Not a stellar showing today by this pig. Let’s see how it does at the EMA 50. Resistance at 2675 remains key to a bounce.
NDX faded from resistance and is testing its EMA 50 as well.
Both are still candidates to bounce. Losing the EMA 50s would be the first warning against that.
Thus ends our daily micro-management that I don’t really even care much about because I remain heavy cash and balanced long (incl. NDX/QQQ) and short some ugly looking sectors.
* Likely lasting only as long as the patterns either break out or break down.
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