Fairlead's Stockton says S&P 500 & Nasdaq likely to head lower in the coming days
According to Stockton, the NDX"flashed a daily MACD ‘sell’ signal yesterday," and the SPX"is poised to follow today."
Despite these bearish short-term indicators, Stockton notes that"our intermediate-term gauges point higher for the SPX, for now." However, she cautions that a"weekly stochastic downturn" could signal a more significant correction ahead. With a"weekly MACD more decisively on a ‘sell’ signal" and stochastics showing room to move lower, she identifies the next support zone for XBI between $88 and $89, defined by both the weekly cloud and a Fibonacci level.
The Invesco DB Agriculture Fund appears to be"emerging from a multi-week correction in its long-term uptrend." She points to a breakout above its daily cloud and improving intermediate-term gauges, which put final resistance near $26.50 within reach.
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