Weekly Shooting Stars

By | April 25, 2014

Another series of shooting star candles formed on the weekly index charts similar to those seen three weeks ago. At that time the Russell 2000 and the Nasdaq Composite were testing their 50 day moving averages, this set of stars forms as they are testing their 200 day moving averages, and the DOW and the S&P 500 are testing their 50 day averages.
These high wick and low opening and closing range candles reflect rejection at or near recent highs or areas of resistance, but they are just preliminary indications. The condition of these charts this time next week will be more telling, and a week is a long time in this market.
24. Weekly cc chart
I am long the SDS.

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