SPY at 20DMA, AVGO Bearish but Bounce Possible

SmartReversals
01-26 06:56

1. $SPDR S&P 500 ETF Trust(SPY)$

The diagonal trendline was breached, confirming the MACD crossover posted last week.

After bouncing from short-term oversold conditions on Wednesday, the price filled the 'bullish' gap and is now at the 20DMA with two indecisive candles.

$685 will be decisive next week.

2. $Broadcom(AVGO)$

The series of lower highs and higher lows had a bearish resolution.

However, see that dragonfly at the very edge of the volume shelf. Don't rule out a bounce.

$VanEck Semiconductor ETF(SMH)$ $NASDAQ 100(NDX)$

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