For the Russell 2000, a loss of 1,341 opens up for a retracement down to the 200-day MA at 1,233 and the November swig low of 1,156 (which looks a long, long way away). Technicals saw the trend metric +DI/-DI turn negative as the MACD pulled away from a potential trigger 'buy'; shorts should probably be looking at shorting rallies from here.
The S&P recovered the threat on its breakout - but it hasn't yet confirmed a 'bull trap'. While the breakout held, there were technical 'sell' triggers for MACD, On-Balance-Volume, and +DI/-DI. Relative performance against Small Caps saw improvement.
The Nasdaq tagged breakout support, but hasn't yet threatened a 'bull trap'. Technicals are all still in the green.
Tomorrow looks to be all about the Russell 2000. If loses accelerate, then it will likely spread to Large Caps and Tech, but for now, only one index is feeling the heat.
You've now read my opinion, next read Douglas' blog.
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