Wednesday, November 20, 2019

Sellers emerge with volume, but no real damage done

No surprise to see profit takers make an appearance on heavy volume distribution. Despite the selling there was no real damage done to indices.

The Russell 2000 was closest to breakout support but today's selling just managed to tag breakout support without violating the support level. There is a MACD trigger 'sell' to reverse along with a relative under-performance against the the S&P.

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Monday, November 18, 2019

Small gains leaves things unchanged

Very little to say about today. Small gains keeps things positive although volume was light. We are coming to a point when rallies in the S&P and Nasdaq needs to develop a consolidation which at the very least moves things sideways - if not, down.

The rally in the S&P hasn't stopped since October and a test of the 20-day MA would be welcome at this stage. However, On-Balance-Volume does have a breakout in support of price action - so the rally is not concurring in isolation.

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Rallies kick on; Large Caps have best of action

After a relatively narrow trading range, Friday saw indices kick on with higher volume accumulation.

With higher volume accumulation the S&P delivered a new swing high with a bullish cross in relative performance against the Russell 2000. On-Balance-Volume finished with a new multi-year high.

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Wednesday, November 13, 2019

Russell 2000 Makes Support Test

Rallies continued for indices with the exception of the Russell 2000, which made a support test of the breakout level. The Russell 2000 support test is helped by the proximity of the 20-day MA, although it's on the verge of a MACD trigger 'sell'.

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