The S&P was able to recover from afternoon selling on a bullish 'hammer'. The index will soon been testing the 50-day MA, which recently 'Golden Cross' with the 200-day MA. Technicals are mixed, with the exception of On-Balance-Volume and Momentum.
Meanwhile, the Russell 2000 eased further away from channel resistance with a MACD trigger 'sell' as Rate-of-Change remained below the bearish mid-line. It will start Monday at its 20-day MA.
As a final point, the Percentage of Nasdaq Stocks above 50-day MA turned bearish in technicals. Should this spread to other Tech breadth metrics it will confirm an intermediate top.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.