Support for Russell 2000 collapses
There was little of note today with the exception of the Russell 2000. The blog headline is a bit to click-bait, but in relative terms, the Russell 2000 suffered the largest loss. The Russell 2000 took sa 0.8% hit as it bounced away from lead moving averages. The index is still caught in a larger trading range which weakens the significance of today's selling - but in a day of little change, today's Small Caps action gathered attention.
The S&P took a minor hit on higher volume. While technically, today's action counted as distribution volume, the doji made it a non-event. Breakout support held, Technicals are healthy which keeps the bullish picture intact.
The Nasdaq also experienced tight action with higher volume churning and breakout support holding. Nothing to swing it in either direction.
The Dow remains primed for a breakout, but there was little else of merit for today.
For tomorrow, watch for a breakout in the Dow. Shorts need to watch for 'bull traps' in the Nasdaq and S&P. Other than that, recent action doesn't offer much guidance.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
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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 a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.
The S&P took a minor hit on higher volume. While technically, today's action counted as distribution volume, the doji made it a non-event. Breakout support held, Technicals are healthy which keeps the bullish picture intact.
The Nasdaq also experienced tight action with higher volume churning and breakout support holding. Nothing to swing it in either direction.
The Dow remains primed for a breakout, but there was little else of merit for today.
For tomorrow, watch for a breakout in the Dow. Shorts need to watch for 'bull traps' in the Nasdaq and S&P. Other than that, recent action doesn't offer much guidance.
You've now read my opinion, next read Douglas' blog.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
---
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 a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.
