Hi Everyone
Do not be surprised if we have a short term upward reversal this coming week.
The S&P and Dow both exhibited doji bars on their cash indices and their ETFs on Friday. The Nasdaq index did likewise while the QQQQ didn’t. GS had a great day on Friday with the stock poking above $140 and the OVI creeping above zero.
DIA (Dow ETF) Chart:
Clear doji bar here. OVI still just negative. A break above Thursday’s high could be short-term bullish.
SPY (S&P ETF) Chart:
Same for the SPY. A break above Thursday’s high cold take us to 113+.
QQQQ (Nasdaq ETF) Chart:
The QQQQs aren’t displaying a Doji, but the Nasdaq cash is …
GS Chart:
The financials often show the way forward. GS powered up on Friday and the OVI made it to positive territory for first time since April. Need a clear breakout pattern to take advantage. Potential breakout zones marked by the green dotted lines.
Summary:
Good chance for a short-term breakout to the upside.
All the best
Guy
To learn more and have access to the OVI visit my Private Traders Club area.