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Upcoming "Death Cross" for Russell 2000 ($IWM)

Market Drift Continues as Equal Weighted S&P Breaks Bull Trend

The only index to mark any change was the break down in the equal-weighted S&P as it dropped out of its bullish trend into a trading range. If this is a trading range, then it finished at the first of a possible support level. If this breaks from here, then next support is the 50-day MA. Technicals are mixed with a weak 'sell' trigger on a trendless ADX, and momentum that has fallen out of an overbought state. Next target is the 50-day MA.

The Russell 2000 ($IWM) has been slow-and-steady in its decline;alternating between gains and losses. The index is close to its 50-day MA but I would perhaps wait for a test of the mid-line stochastic (50 line) before the next buying opportunity.

The 'bear flag' in the S&P is the result of a gap down, but it's a weak signal as the trading range with support at 7,250 is the dominant pattern.

It was similar case for the Nasdaq as for the S&P. It gapped down with its own 'bear flag', although it's trading closer to 25K support. The 200-day MA is next support if 25K support fails.

Bitcoin is back challenging the June swing high, and has support at 65,535 to hold. The cryptocurrency remains on course to shape the right-hand-base, but there is no rush.

Assuming markets continue their current non-trend, then look for buys at support, first of which may be an aggressive 'buy' in the equal weighted S&P despite the early week trend break.

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

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Upcoming "Death Cross" for Russell 2000 ($IWM)

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