The Dow Jones notch another record high and since the trend is up, we continue to be bullish on all indexes in the longer term. Smaller time frames like the 60 min and 15 min might have corrections here and there but they are all good and gives us traders an opportunity to long and short stocks. Gold and Oil and also silver are in their own 60 min downtrend and we remain bearish on them until the chart tells us so.
Despite the tech selloffs, the Nasdaq Composite is still in a long term uptrend and whatever falls and crashes are just deemed a correction because of the massive support below and also the MAs are generally still up. Therefore, if the QQQ and Nasdaq keep finding support at their rising 50 MA, we have to remain bullish on techs and the stock market as a whole.
Let's take a look at the charts below.
Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com
Charts with the investing.com logo are courtesy of Investing.com powered by Trading View
Jul 09, 18 12:39 PM
What's going on in Malaysia's stock market? Having dropped tremendously since the election, is there any hope for the bulls?
May 21, 18 08:12 AM
After a very long time trading below the powerful 20 MA and 50 MA, the Dow Jones is now back in bull mode trading above the 20 MA and 50 MA. What's more is it is experiencing a bullish cross.
Apr 27, 18 05:31 AM
In this article we will examine why FLR went from a downtrend to the start of a new uptrend. We will also look at some chart patterns and how it affects the stock.
Apr 26, 18 06:19 AM
If you are interested to know why AMZN went up so much, this lesson will show you why AMZN was able double its stock price.
Apr 26, 18 05:04 AM
The surge in foreign funds investing in finance stocks has lifted many Malaysian bank stocks higher. Maybank is now making a nice uptrend in the daily chart. Will it be able to overcome the old highs…