The Nasdaq is caught in a void between 20-day and 50-day MAs. Volume did not register as accumulation, weakening today's gain. It's a coin toss for this index, neither bulls nor bears have an edge.
The Russell 2000 recovered its 50-day MA for what has the potential to be a swing low. Stops can go on a loss of 1,013. The Russell 2000 also experienced a sharp relative improvement against the S&P and Nasdaq which in itself will be attractive to traders.
The Dow had the worst of the day, it's the first of the indices to turn net bearish technically.
The Russell 2000 is offering the best upside opportunity for bulls: look to buy weakness as the recent low is tested. Bears can stick with the Dow Jones.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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