Nasdaq charts higher peak

Russell Shor, CFTe, MFTA FXCM

The above chart shows daily price action. The NAS100 has charted a higher peak followed by a higher trough. This is the classical definition of an uptrend as defined by peak and trough analysis. Yesterday’s price action is a strong blue candle showing good bullish emotion and strength. This was due to the market participants reacting positively to the US mid-term election results. The index has closed above its 200-day SMA. If the 200-SMA turns up this will be regarded as a positive development.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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