Stock Market Technical Analysis Blog
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Tonight we are taking a look at the daily candlesticks of the nine most important symbols. In the left column, we see the Nasdaq on top, S&P in the middle, Dow at bottom. The S&P and Dow are showing continued weakness and the Nasdaq being propped up going sideways.
The center column, AAPL at the top, XLF (Financial ETF) in the middle, VIX at bottom. In AAPL the candles show the effort being applied to push it back up from its loss last week but today's candle is bearish. The XLF is going sideways in choppy fashion. The VIX having its two-week run up, getting a little overextended yesterday but a recovery candle today.
The third column, UUP (Dollar Index) top, TLT (Bond Index) middle, Gold ETF at bottom. The UUP keeps trying to start a run but gets slapped down every couple of days. The bonds have had a nice two week run but the past two day's candle reflect a sideways mode of indecision as to whether it wil get to move higher. Same thing in GLD, sideways hold pattern after a nice run up.
All in all, the S&P, DOW, VIX, UUP, TLT, and GLD are all waiting and watching to see if Wall Street can start a short squeeze in either AAPL or in the financials. A short squeeze in either would take the Nasdaq higher. If the XLF and AAPL charts start looking like the S&P and the DOW though, the Nasdaq should start breaking down.
Alan
