Swing Trading Strategies & Stock Picks Since 2003

With the indices spending another day near joint resistance of declining channel lines and 50-day MAs, each are nicely set to push higher, although momentum oscillators favour a retreat. The Nasdaq looks best positioned to move higher as it spent a third day above 1,534 near term support.

Transports behaving well with the slump in oil prices. With stochastics overbought it will be important for the next downleg to make a new higher low:

Same goes for the S&P; the mini-pennant for the past 3-days is likely to breakdown given overbought stochastics and the presence of its 50-day MA overhead.

There is more to like here about the markets and I suspect the real value buyers will take advantage of the next downleg, thereby helping in creating the higher low.