Wang’s Happy Trading

The market tried to rally early last week, but, was again held back by the financials. The 3 days of continuous slide in the financials sector brought the market’s rally to a halt, although we did see strength in pockets of different areas.

SPX

SPX fell 10.54 points to close at 1315.22. It closed at its 20-day MA. The daily MAs have started to crisscross. The MACD fell slightly.

Nasdaq

Nasdaq lost 19.65 points to close at 2261.18. Its daily MAs have also begun to cross. The MACD flattened.

The market is being tested yet again. Last time the market rallied above the daily MAs was about a month ago, at the end of February. Last time, it got driven down below where the rally had started by the end of that week (2/29). This time, the situation is better. The rally started after the market tested (twice: 3/10 and 3/17) and made a bottom at SPX 1270. It also closed the week much higher than where the rally had started. For the new week, I think the market is in a good position to continue what it started early last week. We’ll again be watching to see if the market can rally above SPX 1340 and Nasdaq 2300. If it does, the important thing this week is for the market to stay above these levels and continue with upwards movements to catch the daily upper BB. We do still need to see some strength back into the financial sector.

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Hopy you’re enjoying your weekend!
HappyTrading! ™