Just a quick note this evening following a volatile trading day in the U.S. Stock Market today.
The Nasdaq Composite Index and the Russell 2000 Index both bounced off their respective 200-day moving average lines, finished in plus territory after being sharply lower, and they also closed very near their best levels of the day. Please see attached charts below.
Daily chart buy signals were triggered by my computer trading system in several major stock indexes, ETF's, and dozens of beaten down tech stocks and so-called momentum "high flyers".
While I remain negative on the U.S. Stock Market, I thought it was important to let readers know that my computer trading system has signaled a short term "buy", which may result in a meaningful rebound in share prices over the next few days. My best forecast here is that any significant rally is "counter trend" and is therefore destined to fail.
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| Nasdaq Composite Index Daily Chart with 200-Day Moving Average Line & Computer Trading Signals |
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| Russell 2000 Index Daily Chart with 200-Day Moving Average Line & Computer Trading Signals |
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