BROAD STOCK MARKET TRADE ALERT (3:00 pm EDST)
The DOW finally broke its all-time high last week (just by four points), and the S&P 500 and NASDAQ also made new all-time highs. This was our stop loss parameter, so some traders may have covered their short NASDAQ positions. All three indices are also edging up to new all-time highs today, so our bearish divergence signals are negated. As I've mentioned in past blogs, it seems like the S&P 500 and DOW have started new medium-term cycles recently and are therefore potentially bullish. There is now a possibility that the NASDAQ started a new medium-term cycle with last Monday's low at 14,175. This is not certain as the target for a low should have been closer to 14,000, but it is possible. If so, the NASDAQ could be very bullish from here. If any traders did not cover their short positions in the NASDAQ on Friday, they should do so now. Covering my short NASDAQ position today.
The DOW finally broke its all-time high last week (just by four points), and the S&P 500 and NASDAQ also made new all-time highs. This was our stop loss parameter, so some traders may have covered their short NASDAQ positions. All three indices are also edging up to new all-time highs today, so our bearish divergence signals are negated. As I've mentioned in past blogs, it seems like the S&P 500 and DOW have started new medium-term cycles recently and are therefore potentially bullish. There is now a possibility that the NASDAQ started a new medium-term cycle with last Monday's low at 14,175. This is not certain as the target for a low should have been closer to 14,000, but it is possible. If so, the NASDAQ could be very bullish from here. If any traders did not cover their short positions in the NASDAQ on Friday, they should do so now. Covering my short NASDAQ position today.
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