The market remains in a correction. Technically, the NASDAQ Composite Indexes is in a 4- to 5-day rally off the Monday low, which it has held above all week. It rallied to end the week on lighter volume as it approaches its 50-day moving average and the top of its current bear flag downtrend channel.
The S&P 500 Index remains in a similar bear flag as it chops around its Monday low. It’s not hard to see that the overall index action has consisted of a choppy downtrend with some sharp daily moves in both directions. This creates opportunities for nimble swing traders based on a variety of set-ups, long or short, even as the general market trend is down.
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