It has the look of a zig-zag-like bounce, but until we see the "zag", these indexs' gains are set to challenge March highs. Traders have Thursday's lows for assessing any risk-to-reward ratio longs for the coming week, although if we were to head down there this week it would probably amount to the start of the "zag".
The S&P 500 experienced an intraday reversal right at the convergence of 20-day and 50-day MAs. It remains close enough to this point that it could do so again today, but it has similar challenges as the Nasdaq; if one goes, I would expect the other to follow. The S&P 500 has a smaller spread between Friday's highs and Thursday's lows, so it might be the index to make the first move in this regard. One to watch for Monday.
Strong trend moves are typically followed by scrappy trading ranges, not new trends in the opposite direction. What I'm looking for are the lows for these ranges, and 200-day MAs make for a nice psychological bottom. Time will tell if this proves to be true.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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