While MAGS finished just below its 50-DMA on the week, I’m showing the chart in candlestick setting to evidence the tremendous outside reversal demonstrated by the ETF on Friday. This also proved to stimulate a complete outside reversal pattern on the day for the Nasdaq Composite and Nasdaq 100.

Market Mania – FinX Weekly Top 10 #20

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“…the 50-DMA is holding… for now. How much longer remains to be seen but before my ADHD catches up with me, I’ll remind investors/traders that if Tech/Semis/Growth/QQQs can’t find a new wave of buying, we’re likely going to continue this consolidation phase and ultimately break below the 50-DMA. Need that leadership to lead, because of the cap-weighting within cap-weighted indices proves market moving. Good news on that front if we think in MAG-7 terms is offered in the chart of the ETF for the MAG-7 (MAGS)”