Will A Complex Dual Head Pattern Emerge For The Nasdaq?
Declan Fallon | Jun 15, 2014 01:20AM ET
The 2nd/3rd day of declines has been relatively orderly so far. Volume picked up in distribution as many traders took easy profits from either the May breakout, or from positions taken during the earlier dip in January/February. A move back to 20-day MAs would be substantial enough to attract buyers back, and yet maintain the strong bullish momentum which has been a characteristic of the summer breakout.
Even if there was a loss of the 20-day MA in the S&P 500 there would be additional support to be found from the May breakout level.
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