The Index at breakout
This is the small cap Index in US. The small cap Indices are always a bit ahead of the broader mkts. Hence imp to watch them.
Fib Analysis- The pull back to 38.2% is telling me the trend is very strong. That the bulls have been able to regain the top of the range in two candles is strength. To me the Index is at its most imp resistance.
RSI- the oscillator taking support above the bull range is telling us the trend is intact.
Conclusion- the bears will try to regain control here. So we may get some correction but it will be an opportunity to buy. 1997 is the zone to watch now. Thats the breakout.
Fib Analysis- The pull back to 38.2% is telling me the trend is very strong. That the bulls have been able to regain the top of the range in two candles is strength. To me the Index is at its most imp resistance.
RSI- the oscillator taking support above the bull range is telling us the trend is intact.
Conclusion- the bears will try to regain control here. So we may get some correction but it will be an opportunity to buy. 1997 is the zone to watch now. Thats the breakout.
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