Sunday, June 21, 2015

Large Caps Suffer Heavy Selling

Large Caps suffer heavier selling; not enough to break the declining resistance trendline, but enough to register as distribution in one of the heaviest sell off days for 2015. Part of this volume was down to options expiration, but not enough to account for all of it. The S&P has mixed technical strength, and remains range bound by larger support and resistance between 2040 and 2135.


The Nasdaq was not as adversely impacted by Friday's selling as the S&P, with Thursday's breakout holding above 5096. Monday is a wait-and-see for the index.


The Russell 2000, as the lead index, experienced a simple flat day on Friday. Like the Nasdaq, it held on to its breakout.


Monday will be about maintaining Thursday's breakouts for the Russell 2000 and Nasdaq, which will help the S&P win back some of the lost ground from Friday. Of course, Greece will again dominant the headlines with Monday's deadline, but U.S. indices may be able to skirt the worst of it.

You've now read my opinion, next read Douglas' and Jani's.

Share on StockTwits

---

Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.

Follow Me on Twitter




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.

JOIN ZIGNALS TODAY - IT'S FREE!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c