All of our long positions stayed
in consolidation mode yesterday and they all seem likely to find new higher ground.
Since the stock market appears to be in
consolidation mode right now (trading in a sideways range on lighter volume), it is a good time to do a review key technical support and resistance levels in the Nasdaq and S&P 500 indices.
As shown on the monthly chart below, $ FXE has been in
consolidation mode since the beginning of 2013, after stalling out from a rally off the lows at $ 135.
Their charts show continued strength in the SPY and QQQ, especially on the longer timeframe, with the IWM in
consolidation mode again on both timeframes.
The Shanghai Composite and Emerging Markets are both in
consolidation mode with the Chinese market looking better lower and Emerging Markets biased to the upside.
The Bitcoin Cash price recovered strongly in the end of the previous week, but the coin got
into consolidation mode after a failed attempt to get above $ 1,400 as the crypto market rebound...
Since then, the stock has been in
consolidation mode.
Below is the same monthly chart of $ SMH we pointed out on March 28, back when $ SMH was still in
consolidation mode (trading below its 52 - week high):
What we have seen happen since then is down draft followed by sideways trading action, suggesting the sector has been in
a consolidation mode.
Manufacturers also continue to be in
consolidation mode.