📈 Indexes are Poised

Swing trades are back.

Index Review

As we start a new week, let’s orient ourselves but taking a look at the key indexes.

To me, the indexes look great and it appears as if all of the bad news we thought was going to happen, did not.

This is what caused the snap back in the S&P 500 Futures:

You can see that we formed a morning star and then last week marked a confirmation move, taking us nearly to the top of the bar down that started the morning star pattern.

Keep an eye on how the ES acts at that $5608 level this week - I would be surprised if we didn’t test.

On the Nasdaq, you can see we pulled back to the trendline that we have been riding for over a year by now.

We also hit the 50 level on RSI and bounced, as we have a number of times in the past.

Again, it seems that the fear that was brought to the market two weeks ago has subsided and we are seeing a relief bounce in the Nasdaq futures.

I am bullish and now that we are getting back above key moving averages on the indexes, we can start putting on swing trades and long-term trades.

Let’s make the most of the week! Watch this video for my thoughts on where the market stands and the names I am focusing on this week: