Good morning Traders!
Better the expected earning results for big tech saw the FANG index continue to march higher.
FANG Index
The Daily and the Weekly charts are now in a confirmed uptrend, while the Monthly chart has broken it’s downtrend as it printed a Higher High.
On the Daily and the 4hr charts, the market is currently overextended from it’s Moving Averages, and I am looking for a pullback to release some of this buying momentum and for price action to catch up with it’s averages.
The area that I am eyeing for the pullback is around the 6200 level, this area acted as support before the market broke through it and closed above it, it is also a round number which could add weight to the strength of the level.
Happy Trading!
