Daily Market Commentary: Russell 2000 Finds Support at 200-day MA

It was a wide range day, but bulls were able to regain some of the mid-afternoon weakness by the close. Intraday weakness for the Russell 2000 found support at the 200-day MA, although the finishing close did not necessarily end bullish.

The Russell 2000 also lost relative ground against the Nasdaq after a sustained period of outperformance. It's an opportunity for bulls, although not as bullish as I would like to see.

The gain in the S&P didn't offer an edge, although the paired reversal can be viewed as a bullish opportunity with a stop below 1,814.

The Nasdaq also defended the December/February swing low, but likewise it wasn't the most bullish of finishes.  However, a loss of 3,986 can be used as a protective stop for long positions.

Bulls took a crack at the market, but didn't finish as strong as could be hoped. Friday/Monday lows can be used for stop placement on long positions with all lead indices finally oversold.


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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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