BULLS BREAK THE DOWNTREND, BUT WILL IT LAST? $SPY $QQQ $IWM $DJIA
The bulls have, for now, broken the downtrend in the U.S. stock market. The Dow Jones Industrial Average on Friday could post its longest winning streak since November as the benchmark index is up over 2% this week.
Will it last? Let’s explore with the help of a chart.
Please click here for an annotated chart of the S&P 500 ETF SPY. Similar observations can be made from the charts of the Dow Jones Industrial Average DJIA, Nasdaq 100 ETF QQQ, and small-cap ETF IWM.
Please observe the following from the chart:
• The downtrend line has been broken. Even if the market slips below this trend line again, this break is significant.… Please click here or the title below to read more.
May 11, 2018