Wednesday, October 17, 2018
US Markets: More Than A Technical Rebound?
Yesterday, DJIA and S&P500 have both tested their long-term uptrend lines and rebounded. See Chart 1 & 2. Nasdaq has also rebounded but it is still below its uptrend line (see Chart3). Volumes traded were relatively thin. We will have to wait and see whether the rebound for DJIA and S&P500 will have follow-thru tonight, and await Nasdaq climbing back above its uptrend line.
Chart 1: DJIA's weekly chart as at Oct 16, 2018 (Source: Stockcharts.com)
Chart 2: S&P500's weekly chart as at Oct 16, 2018 (Source: Stockcharts.com)