Technical Snapshot Key Takeaways
- The S&P, Nasdaq, Dow, and Russell all
finished higher on Thursday. The S&P, Nasdaq, and Dow broke through
their initial overhead resistance ranges and set new all-time highs, while
the Russell finished just below its next overhead resistance range. The
mid-term Daily trends on all the indices are moving higher, suggesting that
support areas are likely to control price action until a reversal
develops. Momentum readings across the indices are confirming price
action, moving in lockstep with price, while the Nasdaq shows a slight
divergence as its RSI holds below resistance even as price makes new
highs.
- The Volatility Index (VIX) finished
Thursday's session lower, just above its initial downside support range at
14.70-14.15. Momentum readings are confirming price action, holding just
above support. Renewed buying pressure above this range would likely lead
to downside pressure in equities and a potential correction, while a further
pullback into the range or consolidation could support continued strength.
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