8:45am (EST)
The bulls and bears were at a standstill heading into Friday’s action with both sides trying to hold on for the weekly win. The bulls had a grip on the Dow and S&P following a mid-week recovery while the bears had a handle on Tech.
Heading into Friday’s session, futures were favoring the bears as Wall Street worried over a rising dollar, May options expiration, another downgrade of Greek debt and ongoing geopolitical concerns. The bears used these headwinds to push the major averages back towards critical support levels but the bulls were able to hold the lows and rallied back briefly before surrendering into the close.
Although the bulls lost the weekly battle, they were able to hold support which is the good news. The bad news is that the bears seem to be gathering momentum after taking their third-straight week but will it be enough to break the current long-term uptrend?
As we head to press, Dow futures are down 118 points to 12,348 while the S&P futures are off by 12 points to 1,315. Nasdaq futures are lower by 23 points to 2,320.
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To continue reading, please click here. We are covering charts for all three indexes this morning along with the S&P 500 Volatility Index (^VIX, 17.43, up 1.91). There are 12 charts we show you for our current trades and ones on our Watch List that could become new recommendations.
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