NASDAQ 100 Placed For A Bounce
Declan Fallon | Jun 15, 2017 11:52PM ET
Thursday was a mixed day for markets. The day started with a gap down but bulls were able to make a respectable recovery to finish well yet still net down on the day.
The index best placed for a bounce on Friday is the NASDAQ 100. In addition to finishing on rising channel support the index has the 50-day MA to lean on too. Thursday's open started at the 50-day MA. Technicals do not offer much encouragement with a new 'sell' trigger in On-Balance-Volume to follow the existing 'sell' in the MACD.
The S&P continues to shape a trading range. Thursday's action did little to change that. The MACD saw a 'sell' trigger, but in itself doesn't mean much unless confirmed with a downside break of the trading range (illustrated in the chart below).
The Rusell 2000 lost ground against Wednesday's 'bull trap' placing it back inside the consolidation. It did manage a decent finish, so watch for a challenge on the 'bull trap' which could catch many shorts out.
Momentum players still have the Dow Jones Index. Thursday's action did little damage to its breakout. Technicals for this index are still in good shape.
Shorts still have one avenue to work and that's the Semiconductor Index. Thursday's finish left the index below the sharply rising channel. A move back to tag this former support level could see shorts stir into action, but a move above 1,100 would negate this short position.
Get The News You Want
For Friday, momentum players still have the Dow Jones Index, support/demand traders can look to the NASDAQ 100, while shorts can look to the Semiconductor Index.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.