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.
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.
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
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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