Kevin Lane notes that “Both the fast and the slower
stochastics are turning down from overbought levels suggesting momentum waning
here in the short-run. Given that NASDAQ is bumping up against prior resistance
here near 2,220 it makes sense that it may need to back off first and regroup
before making another assault on resistance.”

NASDAQ w/ MACD momentum
click for larger chart

Source: Technimentals

“MACD momentum is rolling over near-term (green circle) on
the NASDAQ so we wouldn’t be surprised to see a short-term set back towards
support near the 2,100 level (red line).”


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Category: Economy, Markets, Technical Analysis

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