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The stock market, likewise, got the day off to a hot start as the tech sector helped push the major indices higher. But prices reversed course in the afternoon as the loss of momentum resulted in a negative close for the S&P and Dow, which closed down 0.08% and 0.34%, respectively, while the Nasdaq managed to hold onto a gain of 0.63%.
That being said, bulls need to remain vigilant and continue to push higher, Wyckoff said, as “stiff chart resistance lies just above the market now.” “We can see two very clear zones on the chart, namely the demand zone around $16.9-17k and the supply zone of $17,350-17,550. These are therefore the areas we will keep an eye on for longs and shorts, but as always we will only take a position when we have the right confirmations.