Big push higher today on increased volume. Not a buy point, but we’ve made nice strides in the Dow and S&P 500 as they’ve gone above recent resistance and now have to get over the 50MA to prove they are in a full on rally.
Dow Jones - two lines of resistance that we have moved past
On the other hand, the Nasdaq didn’t clear all the same resistant levels. It did, however, form a much more defined double bottom. Take a look:
NASDAQ - this double bottom could be the start of a new rally point.
By the end of the week we should have a better idea if a new rally is on or not. Look for another up day on even higher volume to confirm the rally.
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