A day with some interesting intraday action but where we ended up pretty much going anywhere in the end. Often, we can tell about the state of the market by looking at how the market leaders are behaving, so I thought it might be worth it to have a look at some of these market leaders today.
NFLX - Still holding on to the MA(20). A doji formed today. I am leaning bullish on this one but the low volume today compared to the previous two down days makes me call this a tie.
Bulls 0.5 - Bears 0.5.
AAPL - Holding up the 270 support level. If forced to buy or short here, still a chart that I would rather buy here than short. Bulls 1.5 - Bears 0.5
AKAM - Looks more bullish than the previous two charts. But resistance right up ahead at 46. Again, if forced to buy here, would rather buy than short here. Bulls 2.5 - Bears 0.5
DECK - Nice intraday recovery but it has broken an important support level in the past few days. Would short it as 160 rather than go long here. Bulls 2.5 - Bears 1.5
VMW - Another decent looking chart with the fly in the ointment being the low volume today compared to the previous two days. Bulls 3 - Bears 2
Well, there you have it dear readers. No clear signals here but at least according to the insights gained from the market leaders, I would not want to go short here - at least, not until the MA(20)s are broken. If anything, going by the dojis formed in many of these charts, one could expect a short term bounce here. I hate to sound so boring but cash remains the best option here until there emerges a clear sense of direction regarding where the market is headed.
Take care and good luck!
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