Russell 2000 Defends Support; S&P 500, NASDAQ Vulnerable To More Losses #US2000


Friday was a little bit of a combined bag. The was in a position to defend horizontal assist because it continues to construct a sideways sample. While it trades sideways it’ll preserve different indices in verify till there’s a confirmed directional flip—both a break of present assist (for bears) or a rally again to, then past 1,615 resistance.

RUT DailyRUT Daily

With the Russell 2000 caught inside a buying and selling vary, the breakdowns within the and are caught in a little bit of a no-man’s land. As the Russell 2000 failed to interrupt its assist, each the S&P and NASDAQ are weak; not simply to further losses, but additionally to a ‘bear lure’ and a rally via their respective consolidation triangles.

SPX DailySPX Daily

COMPQ Daily ChartCOMPQ Daily Chart

While the Russell 2000 is defending assist, are heading within the different course with an undercut of the 200-day MA. Further losses on this index will drag the NASDAQ and with them.

SOX DailySOX Daily

Finally, the connection between and the continued to battle because it returned deep contained in the prior ‘bear lure’. This bearish relationship may decide up pace if 0.395 is misplaced. This indicator suggests a much more bearish outlook than some other index.

TRAN:INDU Weekly Chart

TRAN:INDU Weekly Chart

For Tuesday, watch the Russell 2000 if bullish and the Semiconductor Index if bearish. My hunch suggests bears are going to edge it however let value motion be your lead.

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