U.S. Equities Remain Bullish Despite Virus Fears
Anna Coulling | Jan 24, 2020 12:21AM ET
Concerns over the Chinese coronavirus caused some nervous price action yesterday across the three sisters of the YM, ES, and NQ, following the buying of the previous day, with all giving up gains earlier in the session to close near the open. The daily chart for the NQ Emini is representative, with the candle closing with a wick to the upper body, and with good volume. Clearly some selling yesterday given the volume and price relationship, but perhaps not sufficient to result in a significant downturn in the short term. It is interesting to note the YM Emini opened gapped down overnight and looks the weakest of the three at present. However, both the ES and NQ look to be holding and recovering from yesterday’s blip with the longer term bullish trend remaining dominant still holding as denoted by the Trend Monitor indicator.
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