Monday, January 23, 2017

Russell 2000 Turns Net Bearish Technically

It was another day of modest change with little real turn in bullish/bearish outlook.  The Russell 2000 was the only one index to mark a technical change with a net bearish switch in technicals (MACD, Slow Stochastics, On-Balance-Volume).


There wasn't much to add for other indices. The S&P finished with a narrow doji on its 20-day MA. Technicals were little changed.


The Nasdaq also did little. It still has a MACD trigger 'sell' to work off, but other technicals remain positive, including excellent relative strength against the S&P.


For tomorrow, the same outlook going into today is still relevant. Bulls should watch for breakouts in the S&P and Nasdaq. Shorts need watch the Russell 2000.

You've now read my opinion, next read Douglas' blog.

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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.
 
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