Thursday, May 5, 2016

NDX100: US Equity Market Rally 'pause' in effect; how much more to go?

NDX100 Daily Chart @ Close 05/04/2016
Raft of Resistance basis the Benchmark S&P500 @ 2080/ 2116/ 2134 finally 'got their man' with a High @ 2110 & then this reversal of sorts.
Basis the NDX100; 38% of gains from the February Lows now surrendered.
What appeared to be an inevitable Buy Cross on the much followed 50/200day SMAs could well turn 'sour' on matters & 'compress' with this Index failing to muster a Weekly Close back above (4410).
Let's see.