Last Friday, the ProShares UltraShort MSCI Emerging Markets ETF ($ EEV)
consolidated near the high of the previous day's powerful downward move.
Their charts looked stronger in the short term, with the QQQ and IWM stronger than the SPY, but with all three
consolidating near their highs and strong in the intermediate term.
Bitcoin's dominance is down to 44.7 percent because, while the leader has been
consolidating near the highs, altcoins have been playing catch up.
Not exact matches
EEV may now provide a buying opportunity if it continues to
consolidate near the two - day
high and forms a pivot, such as a bullish pennant.
The stock has
consolidated gains in a narrow trading band and could head
higher in January, lifting
near broken 2015 range support at $ 5.70.
Weibo shares had been
consolidating for the past few weeks
near record
highs, while Sina was holding close to its best levels since 2011.
Momo has been
consolidating,
near record
highs and moved back above its 50 - day moving average Thursday.
Oil
consolidated near recent
highs on Friday but in the absence of any significant pre-weekend profit taking it suggest concerns that the US will exit the Iranian nuclear deal as early as May 12 continues to resonate with investors.
Crude Oil took a turn to the upside last week breaking
higher on Friday after several days of
consolidating near 48.80.
The US Dollar did move lower finding a floor
near 80 while Treasuries
consolidated at a slightly
higher level.
As markets
consolidate near all - time
highs, it's helpful to remember that market pullbacks are normal.