Things A Little Scrappy For Russell 2000 ($IWM) As Indices Creep Higher

The Russell 2000 ($IWM) experienced confirmed distribution on Friday, but there was no real change in the technical picture aside from the loss in relative performance against the Nasdaq and S&P. The index is going through another sideways consolidation period, not uncommon since the initial bounce off April lows.

The S&P and Nasdaq are exchanging days of ever tighter action, much like a Russian doll. This could go on for sometime, and before you know it, you have logged a 10% gain in a few weeks. I would rather see a more substantial test of 50-day MAs following the respective "golden crosses" in 50-day and 200-day MAs in these indices, but you get what you are given.

Last week, Bitcoin ($BTCUSD) made a solid breakout on the weekly timeframe, and this week was spent consolidating this gain. Volume rish to register potential distribution, but we are in a period of lighter summer trading, so it likely won't be until later in the year when the next trend becomes established.

We are unlikely to see any big trend changes during the quiet summer period, but if sellers do reappear, look for tests of 50-day MAs.

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Investments are held in a pension fund on a buy-and-hold strategy.

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