Trading Action Tightens As Selling Stalls (a little)
There wasn't a whole to today's action - which is probably a good thing. There was no follow through lower, instead markets traded in a more neutral manner with a set of narrow range doji.
The Nasdaq held on to Friday's lows with a new 'sell' trigger in On-Balance-Volume. I have marked support at 13,885, but where it's out now is probably enough to consider it close enough to just support; a small gain tomorrow would be enough to regain this support.
The S&P had made a clean break of support with a close below its 200-day MA on Friday. Today, it finished with a small bullish 'hammer'. The small loss kept existing technicals negative, but not enough to trigger a new 'sell' trigger in the MACD. The S&P continues to underperform relative to the Russell 2000.
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