The Dow is also under pressure, with additional technical weakness in On-Balance-Volume, ADX, and Momentum. The trading range is intact and bears can't call a victory until a loss of 17,625.
The Russell 2000 tagged breakout support, but managed to finish with a bullish 'hammer'. If there is a concern, it's that the hammer didn't occur on oversold momentum. But until 1,278 breaks, bulls hold the edge.
The Nasdaq had a more bearish finish to today, but it did hold on to 5,096 support.
Friday is an interesting day. A weak end-of-week finish is on the cards unless bulls mount an attack.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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