Stocks Analysis by Declan Fallon covering: S&P 500, Dow Jones Industrial Average, US Small Cap 2000, NASDAQ Composite. Read Declan Fallon's latest article on Investing.com
leading the charge. Earlier yesterday, the index showed signs of a potential breakout, but it pulled back by the close, ending with an inverse hammer at resistance.
My expectation is for losses, but technicals are net bullish and haven't really shown a strong bearish divergence to suggest a reversal is coming; a break of yesterday's lows would suggest a double top, and further downside is expected. is looking more uncertain. Yesterday, it finished with a bearish 'black' candlestick below resistance. Such candles often lead to losses, so I will be keeping a close eye on this.
Traders could benefit from buying without changing the larger picture; is the July peak a"top", or just a swing high in a larger bullish trend? It will likely take a few more days before we know for certain.data might be the catalyst to get things moving. If it looks like the Dow is to hold yesterday's lows, then the S&P 500 or Nasdaq might offer more breathing space for a long trade.
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