Last week the broader markets were little changed from the prior week’s close — but not before moving higher early in the week.
But once the S&P 500 and the NASDAQ 100 neared their respective 200-day moving averages, uncertainty about the ability to continue higher began.
The retracement from last week’s high was shallow so far and, based on the buying into the close and daily reversal candle, that suggests a move higher.
With the weekly charts in downtrends and our market internals having given a sell signal, a move to test last week’s high is likely to set up an M-Top pattern.
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