In this segment, we will review the $DJI, SPX, NDX, and RUT weekly charts to draw our thesis for the coming week.
I hope you read last week's technical analysis article. Our thesis then was that all four major indices will bounce and it did. We observed a modest pullback on Thursday but most of them crossed the checkered flag green for the week. Russell 2000 finished down 0.3% from last week.
Disclaimer: I am not a professional investment adviser and my opinions are based on my own technical analysis. Please consult an investment professional before making investment decisions.
What a come back last week. Of the four, RUT came short of turning positive for the week; still a good effort. Our thesis this week is the four major indices will have continuation this week based on technical analysis.
- As we speculated last week, $DJI came out strong this week.
- $DJI is one of the three indices to form bullish engulfing bar.
- I speculate price will continue to rise as 0.5 standard deviation fades in the rear view mirror.
- The observed resistance is the 55-day high of 36565.73.
- SPX is one of the three indices to form bullish engulfing bar.
- SPX is rebasing to test the 55-day high of 4743.83.
- I speculate SPX will have continuation this coming week.
- NDX is one of the indices to form bullish engulfing bar.
- TNX and TYX do not seem to deter the price momentum this week.
- I speculate NDX price will retest its ATH and 55-day high of 16764.855.
- RUT made a good effort this week. Although not as strong as the three indices, still a good movement.
- I speculate RUT price movement will retest its 9-day exponential average of 2265.91 this coming week.
Well, there you go folks. I hope you had a nice weekend. Have a great week ahead.
Thank you. Cheers.