Measured Moves Down In Play for S&P and Nasdaq
Friday's selling sees a break in the 50-day MA for the S&P, following the lead of the Nasdaq from last week. Selling volume climbed in confirmed distribution across the indices. The measured move targets for both these indices remain in play with each swing low likely to breached Monday. Not surprisingly, technicals for the S&P and Nasdaq are both net bearish.
The Russell 2000 finished the week at its 50-day MA support on a neutral doji. It's the only index not to challenge its swing low although it did register confirmed distribution on Friday. Techncials are a mix with bullish signals for Stochastics and ADX offset by the bearish 'sell' triggers for On-Balance-Volume and MACD. However, relative performance has been good and the index has managed to return above breakout support, even if the set of candlestick in recent days have looked more bearish.