You may have heard about the simple “Buy the Dip” Strategy in stock trading.
Unlike trading forex pairs, which can go either way on your price action charts, stocks and indices are encouraged by investors to go up. So, buying the dip is a real strategy for some investors. On the Dow Jones Industrial Average and the S&P, price action fell to intersect the lower trend line, investors bought the dip and prices rose. However, the NASDAQ seems to be in a downtrend compared to the other US Indices.
So we see, for example, shares in Goldman Sachs and Bank of America rising dramatically and having a positive influence on the S&P 500 and the DJIA. This, of course, does not have an effect on the NASDAQ but the fall in shares of Apple and other tech companies does. So, keep an eye on the NASDAQ to see if we get a bounce of the lower trend line. We are seeing a steady rise in the price of WTI crude oil but price action is forming a rising wedge which is often a bearish sign.
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