Stocks Fight Back After Two Day Slump

Hello traders everywhere. We were due for a rebound off the lows this week, and that's just what we got on Friday at the open with the stock market posting gains over 1% at the highs across the board with technology and other high-growth stocks leading a fight back. While today's gains are an excellent way to end the week if they hold, we need to remember that overall all three indexes are still down over 4%, that marks the third biggest weekly loss this year.

Stocks Fight Back

The NASDAQ lost over 4.8% on the week and issuing a new red monthly Trade Triangle at 7,443.10 signaling a possible long-term short position, but surprisingly it hasn't lost the most this week. That honor belongs to the DOW which stands to lose over 5%, issuing a red weekly Trade Triangle signaling a move to the sidelines. There is still quite a bot of room to go before a red monthly Trade Triangle would appear. The S&P 500 is down 4.9%, and much like the DOW issued a new red weekly Trade Triangle signaling a move to the sidelines.

All of this volatility has helped gold gain over 1.5% on the week issuing new green daily and weekly Trade Triangles signaling a short-term entry into a long position. Crude oil ended a four-week run higher and is posting a -4.4% loss much like the indexes. The U.S. Dollar index is also posting a weekly loss, although it's not nearly as steep as the rest of market standing at -.40% on the week.

Finally, Bitcoin continues to go nowhere trading in the mid 6,000 as it has for the last five weeks. If Bitcoin trades below 6,068.00 look for it continue lower as it looks like the Bitcoin bears are in charge.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz and

2 thoughts on “Stocks Fight Back After Two Day Slump

  1. If some one punish MBS and hold him for a ransom of $10billion that only be a big gaining step for the brutal dictator!

  2. After this weak end gain, Relief Rally up to 26100 cant be ruled-out, however,Dow has already established it's Down Trend, now 25000 is crucial, and next major support is at around 24300 - 24500 so bellow this mark, we may find free flow and fast down side journey towards sub 23000 marks.

    Bitcoin is preparing for its sharp and sudden fall, if found breaking 6000 - 5800 range, dangerous down movement will be taken on wards, no hope remains for any big, significant or even sizable gain.

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