by winston » Mon Nov 19, 2018 8:08 am
CHARTS
DJ30: After a nice test lower below the 200 day SMA and recovery Thursday, Friday was a bit more upside, but not a lot of power. Some of the market leaders that recently tested started higher, and that pushed up DJ30, e.g. MCD, JNJ, KO. It is still showing a hold at the 200 day SMA, filled the gap from the 10/30 reversal, and is in good position to move higher into
yearend. New highs? Who knows? They don't look probable at this point but you play a bounce if it continues and if it keeps going, well okay then.
NASDAQ: Same position as Thursday. The October 30 gap is filled, NASDAQ reversed from a lower pullback low Thursday. That leaves it in position to move higher, but it simply does not have the pattern and thus far not shown the leadership that DJ30 has. Now that cold change with some software and chip stocks moving higher, but those stocks are going to have to show that move.
SP500: Reached higher to the 20 day EMA Friday, continuing the Thursday upside reversal. Gap filled, reversal. Inverted head and shoulders and a CNBC contributor was noting Friday. Gee, where have you been? Now we if it has anything or at least can follow DJ30.
Source: Investment House
It's all about "how much you made when you were right" & "how little you lost when you were wrong"