Go long or go short?
Naz came across 3 d-days, then 2 huge a-days. due to the quad-wicky day last Friday, the Vol of the 2nd a-day might not be so reliable. The ND still exist, from the channel side, I do see it broke under the lower band, it can establish a new, slower uptrend from here, but the gap still not closed yet. I’d like to see that close first. if that’s the case, we’ll most likely seeing MA50 to act as a support line.
Dow got 4 d-days and no a-day show up at all. There was an up day with decent Vol, but Dow didn’t gain much that day, bulls are exhausted pushing the index higher? and right after that day, we see MACD crossed heading downward, ND, as Naz, also exists in Dow. Dow also broke down under serveral trend lines. The next support level I am seeing is the 8400. However, last Friday’s increased Vol down day didn’t hammer the market downward, might be a good sign of stopping the current short term downtrend.