by winston » Mon Jul 30, 2018 8:02 am
CHARTS
NASDAQ: Back and forth all week over the 10 day EMA as it hit new highs then immediately sold back. After a doji at the 10 day EMA Thursday, NASDAQ gapped upside gratis AMZN, but then reversed to take out the 20 day EMA and touch the bottom of the two week lateral range on the low. Not a breakdown as noted earlier, but definitely rejected at the new high, not just Friday,
but Tuesday and Thursday as well.
SP500: Broke to a higher recovery high Wednesday then faded into Friday and a test of the 10 day EMA on the close. Down but lower volume and SP500 remains in good position to take on the all-time high from late January.
DJ30: Surpassed the June high on the week, leaving the late February peak and the January all-time high still out there. That is good; plenty of room to run with the new money coming DJ30's way. Near term DJ30 is almost at the upper channel line from the uptrend that started in March. It may want to test a bit more before resuming the move and that run at those prior highs. Overall DJ30 continues to look good in its recovery.
Source: Investment House
It's all about "how much you made when you were right" & "how little you lost when you were wrong"