monday morning

SHORT TERM: the NDX is starting to lead this market.
Overnight the Asian markets were mostly higher with the one exception China’s SEC which is correcting. Europe came in about 0.50% lower. As a result we gapped down on the open but immediately recovered as Apple and the NDX are leading the market higher. Also, noticing some strength in the extremely oversold SOX index. Short term momentum was displaying some negative divergences at the open, probably the reason for the weakness. but this too was quickly resolved. Support appears to be at NAZ 2080. Waiting for this third wave to kick in higher. Best to your day!
INTERMEDIATE TERM: SPX/DOW uptrending, NAZ/NDX impulsing higher
LONG TERM: bullish.

About tony caldaro

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