Bullish Haramis Attempt To Establish Swing Lows

By Declan FallonETFsFeb 04, 2020 12:29AM ET

www.investing.com/analysis/bullish-haramis-attempt-to-establish-swing-lows-200504215

Bullish Haramis Attempt To Establish Swing Lows

By Declan Fallon | Feb 04, 2020 12:29AM ET

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US500

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There was a reluctance on the part of traders to react to the bearishness of Friday' trading, although yesterday's buying came on significantly lower volume. The 'inside day' of Monday's trading ranks as a bullish harami over the last two trading days—a bullish pattern.

For the S&P, this buying didn't contribute much to arresting Friday's selling volume as many of the indices failed to recover channel support. Relative performance remains strong (versus Small Caps) although other technicals are drifting, the MACD in particular. Some could argue yesterday's buying marked a return to channel support, but it's not a substantial recovery.

SPX Daily Chart

The NASDAQ enjoyed twice the gain of the S&P, but it too found itself just about making it back to channel support.

COMPQ Daily Chart

Small Caps (via iShares Russell 2000 ETF (NYSE:IWM)) are a long way from returning to channel support, but there is a minor horizontal support level which is protecting against further losses. All technicals are bearish as intermediate and long-term stochastics converge at an oversold condition.

IWM Daily Chart

Collectively, yesterday's action is an attempt to establish a ground zero for buyers to set up a launch point for a new rally but it's probably still a little early. With the flu epidemic in its early days, the risk to the global supply and consumer chain remains up in the air. Until infection counts peak it would remain difficult to time call a tradable bottom.

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Comments (3)

Cornel Pod Feb 05, 2020 9:49PM ET

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Well all is forgotten about the virus and the markets but a record! Yes, it was just a pause. Most indexes displayed continuation patterns and the rest is history.

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Kevin B. Feb 04, 2020 4:33AM ET

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Jan 20 "The NASDAQ is accelerating through channel resistance as relative performance continues its run of good form. Technicals are all good as Friday's action registered as accumulation" where is the accountability - this guy was telling people to buy 9400+ on the NQ for a potential loss of 300 points ... joker https://www.investing.com/analysis/nasdaq-rally-accelerates-watch-semiconductors-at-resistance-200499875

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Cornel Pod Feb 04, 2020 12:47AM ET

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I have this faint suspicion that mr. market is just correcting itself from the getting ahead of itself earlier. This business about the virus being a major impact I really don't see it as such.

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Bullish Haramis Attempt To Establish Swing Lows

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