Russell 2000 and Semiconductors Crack
The Russell 2000 lost over 2% as it undercut the 20-day MA in a move which could pull the other indices down with it. The ROC is well below the mid-line and the -DI is on the verge of a bearish cross with its +DI following the earlier lead of the MACD.
The Dow Jones Index confirmed its channel break but is still holding 20-day MA support. In addition, selling volume declined on the price loss. However, there are confirmed 'sell' triggers in MACD, On-Balance-Volume and relative loss trigger to the Nasdaq 100.
Today's decline in the Nasdaq wasn't enough to break the 20-day MA and 200-day MA but there is limited room for maneuver for further losses. There is a MACD trigger 'sell' and pending On-Balance-Volume 'sell' trigger but bulls still have a workable edge.
The S&P finished with a 'bull trap' and a new 'sell' trigger in On-Balance-Volume. A big test of the 200-day MA is coming up.
The Semiconductor Index finished with a clean channel breakdown. This switches pressure on to the Nasdaq and Nasdaq 100, especially the upcoming tests of their respective 200-day MAs.
For tomorrow, pressure will be on those indices still holding their 200-day MAs to stay above them. Should these fail, then the question will be how far will indices fall - Fibonacci will be our guide.
You've now read my opinion, next read Douglas' blog.
--- 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
Investments are held in a pension fund on a buy-and-hold strategy.
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The Dow Jones Index confirmed its channel break but is still holding 20-day MA support. In addition, selling volume declined on the price loss. However, there are confirmed 'sell' triggers in MACD, On-Balance-Volume and relative loss trigger to the Nasdaq 100.
Today's decline in the Nasdaq wasn't enough to break the 20-day MA and 200-day MA but there is limited room for maneuver for further losses. There is a MACD trigger 'sell' and pending On-Balance-Volume 'sell' trigger but bulls still have a workable edge.
The S&P finished with a 'bull trap' and a new 'sell' trigger in On-Balance-Volume. A big test of the 200-day MA is coming up.
The Semiconductor Index finished with a clean channel breakdown. This switches pressure on to the Nasdaq and Nasdaq 100, especially the upcoming tests of their respective 200-day MAs.
For tomorrow, pressure will be on those indices still holding their 200-day MAs to stay above them. Should these fail, then the question will be how far will indices fall - Fibonacci will be our guide.
You've now read my opinion, next read Douglas' blog.
--- 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
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