In this article i’m going to talk about the stocks today, and recent activity on the NASDAQ and S&P 500. This is another follow up to some of my other recent articles on what’s been happening in the markets. The markets are being affected by the Iran war so we have to bear this in mind when considering whether or not to open more positions. Let’s take a look at the charts…
Stocks today – NASDAQ
I like to consider the NASDAQ and the S&P 500 before zooming in and trying to establish which stocks may be good for closer attention in terms of ‘stocks today’! As you can see, there is no sign of any recovery yet, from the above chart. The price descended to a major support level on Friday and rebounded away from it, as can be seen by the last purple candle on the above chart. You can see the price touched the support level and then was pushed higher buy buyers coming in! Note the longer wick on this candle, a bit like a hammer pattern. To understand more about candlestick patterns, please see the following link:
Japanese Candlesticks – Trader Pro – Learn how to Trade the Stock Market
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At the moment, the price is holding itself above the support level marked on the chart in white. It remains to be seen whether it will descend further or start to recover. I am still in the ‘waiting’ stage. I’m waiting to see prices start to make higher highs and higher lows before I enter any new positions. As far as stocks today are concerned, my conclusion for the NASDAQ is that I will wait to see what happens first…
S&P 500
The story on the S&P 500 stocks today, is very similar. With the turbulence from the Iran war and missiles being fired to Cyprus and other countries in the area, it is no wonder they are struggling to pull up. Let’s take a look at the S&P 500 chart:
You can see the exact same pattern almost, on the 500 top stocks in America too. It’s at a major support level and on Friday it rebounded away from it.
If you are a regular visitor to this blog, you will know that I like to focus my attention on the US markets. They are normally very bullish and I find it easy to find great trading set ups on the US markets. However, there are times when I need to exercise patience and caution. This is one of those times. I will be waiting for the markets to show signs of recovery before I invest or trade with any more open positions.
I hope you found this article helpful!
Disclaimer!
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