Tuesday, May 24, 2016

NDX breaks out of it's descending channel

It looks like a clear breakout to the upside and if there is follow through we could be ending the consolidation zone and moving into a new trend. Today's move was also happened to take us above the 50 DMA which is a bullish sign. SPY also move above its 50 DMA we will see what happens during this week as there is nervousness about the Fed's decision, as anticipated, next month to increase its key interest rate by 0.25%.

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