Glass Half Full or Half Empty? There wasn’t an entire lot to in the present day’s motion. The Russell 2000 had the worst of it, however it nonetheless managed to stage a small restoration into the shut. The index completed above help with technicals destructive. A bullish rally would properly arrange a swing low and will see a run to check 1,414. Shorts would need to hold stops tight (measure danger) to the 50-day MA at 1,376.
The S&P continues to linger round its 20-day MA. Tehnicals have been unchanged with constructive accumulation On-Balance-Volume offset by the ‘sell’ set off in MACD.
And it was an identical story for the Nasdaq, though the index is outperforming the S&P, with the S&P outperforming the Russell 2000. While my weekend post pointed to breadth weak spot for the Nasdaq, Nasdaq worth motion sides extra in favour of bulls and consumers.
For tomorrow, bulls are more likely to attempt to push on after indices (the Russell 2000 particularly) didn’t see any acceleration in promoting. What promoting there was got here on mild quantity. If shopping for, stops go on a break of (final week’s) swing lows.
You’ve now learn my opinion, subsequent learn Douglas’ weblog.
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SOURCE: Fallon Financial Commentary – Read whole story here.