Thursday, February 2, 2017

2/2: market update

First, let's look at Nasdaq. The price opened high and got sold off first, then bounced up with a series of pushes and pulls. The close was down 6.54 points. Note, Nasdaq is the only index who filled this Monday's gap down gap in last 2 trading sessions. The price still runs in a big wedge, but now within a triangle. Watch which side of this triangle will be broken. The level support 5580 and 5520 acts as bounce level if breaking down lower triangle.  The upside still can be the top trend line.


Second, let's look at the sp500. Today the index swung like a yoyo back and forth for several rounds  and ended up with 1.63 point close up. The price still runs inside the uptrend channel, now it forms a triangle within the channel. The triangle can be broken either side. The level support and resistance are labeled on the chart: gap fill 2294.5 and 2300 are resistances; 2255, gap fill 2239, 2233 are supports.



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