Another indecisive day for Nasdaq. Most of the action was limited to the upper half of yesterday's range. In the end, we carved out a doji candle with a long upper shadow and a loss of just 4 points. Volume was lower than yesterday so this is not a distribution day. We managed to close just above the December high and we are still sitting above the support of the 20 and 50 MAs.Take note that the ADX line is now at 10.6 which is an extremely low reading and supports the lack of momentum. Conversely, when the market finally decides where it wants to go - up or down, the move from this low reading will likely be explosive.
No comments:
Post a Comment