Monday, March 06, 2017

Status Quo

There wasn't a whole lot of change in markets with the Russell 2000 edging back to support. Small Caps remains the most vulnerable to an increase in profit taking with the 50-day MA playing as the last line of support. If there is a loss in such support watch for it to spread to other indices which are holding up better.

The Nasdaq finished with a narrow range doji just above the 20-day MA. Volume was down, while the MACD and On-Balance-Volume remain in 'sell' mode.

The S&P was another narrow range doji, except without the technical weakness in the Nasdaq.

The Semiconductor Index remains outside of the rising channel as it morphs into a trading range.

Will tomorrow offer a more defensive action?

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

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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.