Markets showed some volatility this week and the intermediate term trend is now lower for most of the equity ETFs that we watch. There seems to be a heightened senss of nervousness in the markets and the mixed messages from the different timeframes should be objectively observed as indecision.
Despite the longer term uptrend, want to be extra cautious about new longs while markets are below a declining 5 day moving average as the odds do not favor further upside until we are back above a flat to rising 5DMA. The video below takes a look at the key levels of potential support and resistance and some possible trading scenarios for next week.
Have a great weekend!