Indices are at an inflection point with 200-day MAs acting as last major support before we have to look elsewhere. We will start with the Russell 2000 ($IWM). The break of the declining trend managed to survive until a test of its 50-day MA, then sellers kicked it back to its 200-day MA. I'm not particularly optimistic for this test holding, but until we get a loss of $275 there is a chance bulls could hold out. Aggressive longs could fish for GTC 'buy' orders around $275 and bail if $270 is lost.

It was a stealth setup for the Russell 2000 ($IWM), hiding below its 200-day MA and declining trend before buyers made a higher volume break of resistance (on confirmed accumulation). The next target is the 50-day MA for those who took advantage of the break. Supporting the move are 'buy' signals for the MACD and On-Balance-Volume. When it gets there, or tags the July swing low, we will get a better idea as to whether bears arae in control or buyers have enough momentum to mount a challenge of $300. The Nasdaq ($COMPQ) rallied from support and has reached its first target of its 20-day MA. Next is the 50-day MA. Technicals remain net negative. The S&P didn't register a breakout given it's still stuck inside its range, but it could do tomorrow. The only problem is that it has already banked two days of gains, so the risk:reward isn't entirely favorable. Bitcoin ($BTCUSD) is down at the October spike low and is an aggressive long trade for thos...

There may be an aggressive long for the Russell 2000 by virtue of its under-the-radar action. Systems tracking trend breaks or moving average breaks will still be in the dark, but looking at the chart, there may be a subtle long setup. Risk-reward is easy to measure as an undercut of Friday's low (on a closing basis) would negate the traade. Initial upside target is the 50-day MA. What I also like? The uptick in relative performance over the Nasdaq.

We are starting to see a larger split in market performance across sectors as Large Caps attract buyers, and Tech stocks attract tumbleweed. Caught in the middle are Small Caps. The Russell 2000 ($IWM) chalked up another accumulation day without breaking resistance (or the 200-day MA). Tomorrow is a chance for the Russell 2000 to pick a side; will it break or will it succumb to selling pressure? Looks like an options swing trade as the next move could be telling.

It has been a volatile past few days for indices, but the bigger picture remains unchanged. The Russell 2000 ($IWM) has struggled to regain its 200-day MA despite today's big gain. Today's buying registered as accumulation but technicals are still net bearish, and the 20-day MA is on course to cut below its 200-day MA. However, if we see a close above 20-day MA and 200-day MA it will give skew things back in bulls favor (buying subsequent dips). Aggressive players could look to buy any subsequent drop below $272, with a stop on a loss of $270.

Troubling times for indices as Thursday's strong bounce was killed by an even larger sell off on confirmed distribution. The Russell 2000 ($IWM) was already oversold when it finished with a bearish engulfing pattern. The May swing low has played as support following the loss of the 200-day MA, but after Friday, it's hard to see that continuing. Looking at a weekly chart for the index, there is a chance the 50-week MA could play as support, but for this to happen we need to see a Friday close at or above this level; if we don't, then $240 becomes next support.