Stock Indices Close Higher On Weak Internals

There was some volatility this morning as the Fed Chairman was speaking. However, the afternoon session saw the Indices rally on weak breadth and fairly low volume. Important to next week will be what happens when support or resistance is tested. If there is follow through on Monday to the upside, resistance will be tested. If the internals are not strengthening, expect price to be rejected. On the other hand, if support is tested and the internals are weak and weakening, expect support to be broken. Knowing these levels will be important for the coming week.

Leave a Reply

Your email address will not be published. Required fields are marked *