"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 21 hours Major League Baseball Turns To Blockchain Tech
  • 2 days Institutional Investors Hold A Lot More Crypto Than You Think
  • 2 days U.S. Treasury Yields Could Be About To Break Out
  • 2 days Tesla Stock Stumbles On Model 3 Cancellations
  • 2 days Yuan Rebounds At The Expense Of The U.S. Dollar
  • 2 days Iraq Unplugged: No Internet, No Protests, No Money
  • 2 days The Tariff War Could Spark A Debt Crisis In China
  • 3 days Gold Selloff Continues As Dollar Climbs Higher
  • 3 days Gold Investors In A Frenzy Over Sunken Russian Warship
  • 3 days The New King Of Electric Cars
  • 3 days BlackRock Goes Bitcoin
  • 3 days U.S. Banks See Best Earnings Report In Years
  • 3 days The Case For Gold Is Not About Price
  • 3 days Stock Market Sentiment Turns Bullish
  • 4 days What Is Bitcoin Really Supposed To Be?
  • 4 days The Surprising Media Giant Taking On Netflix
  • 4 days Cybersecurity Stocks Are Red-Hot As Election Looms
  • 4 days Americans Grow Weary Of U.S. Trade Policy
  • 4 days What Putin Really Wants From Trump
  • 4 days Europe’s EV Sales Growth Is Slowing
Stock Market Sentiment Turns Bullish

Stock Market Sentiment Turns Bullish

Quarterly earnings reports have lifted…

Chinese IPO Fervor Slows As Xiaomi Disappoints

Chinese IPO Fervor Slows As Xiaomi Disappoints

The Chinese IPO space was…

Netflix Shock Hits FAANG Stocks Hard

Netflix Shock Hits FAANG Stocks Hard

Netflix released its surprising second…

Mike Paulenoff

Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com, a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies,…

Contact Author

Short-term Upside in SP500 and NDX

This week we're looking at some short-term patterns for trading this volatile market, starting with the hourly chart on the S&P 500 Depository Receipts (SPY), as of just before Friday's close.

The last four Friday's were down, but this one -- after the FOMC cut and some pretty strong stair-step action off of the 1/22 low at 125.36 -- exhibited a bid all day, and should break the back of the negative end-of-week psychology. At this juncture, the SPY is poised to continue higher towards a confrontation with key resistance at 142.00-143.00.

Moving over to the Nasdaq, increasingly the pattern that the Q's (QQQQ) have carved out off of the 11/23 low at 41.62 has the look of a countertrend "swing" move that points to a target in the vicinity of 47.60-.90 in the upcoming trading hours. At this juncture only a decline that violates key support at 44.95 will neutralize my current outlook.

 

Back to homepage

Leave a comment

Leave a comment