’Black’ Candlesticks Signal Weakness, but Bulls Hold Ground

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’******’ Candlesticks Signal Weakness, but Bulls Hold Ground

The reversal following Thursday’s strong open shows bulls aren’t willing to take profits yet. The () holds onto 20-day MA support with a new ’sell’ signal in On-Balance-Volume to build on the earlier ’sell’ signal with the MACD.

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The finished with a bullish cross in the 200-day MA, by the 20-day MA as Friday’s options expiration inspired volume closed with a doji. Technicals show a ’sell’ trigger in the MACD as the weakness in relative performance to the slows.

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The also finished with a doji that successfully defended last week’s early week gap higher. As with peer indices, we have seen the degradation of net bullish technical strength with a ’sell’ in the MACD.

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The has ’sell’ triggers in the MACD and On-Balance-Volume as the index itself trades just below its 200-day MA. Monday offers an opportunity to push into the space towards all-time highs.

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Indices have been trading high tight ranges for most of May, and the longer this persists the greater the chance the next move for indices will not only be higher, but will be substantial too. It’s a buyers setup.

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#****** #Candlesticks #Signal #Weakness #Bulls #Hold #Ground

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