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

Last Chance To Grab a Bargain?

What carried for the end of the last week still has relevance today. If you haven't been a buyer, you still have a chance now. There are a number of support opportunities across indices.

The Russell 2000 ($IWM) is holding support of its converged 20-day and 50-day MAs. The 'bull trap' is still the dominant (bearish) play, so if there is an undercut of these moving averages, and by that, I mean an end-of-day close below these averages, then a move back to $287 is favored.

The S&P has traded within a very narrow range centered around 7,675. There is support at the 20-day MA, 7,650 and then the 50-day MA. It too has it's own 'bull trap', but given breakout support has held the significance of this is reducing by the day. Technicals are a little mixed with a weak MACD and On-Balance-Volume 'sell' in play. Ideally, an intraday spike down to 7,600 would nicely knock out stops, but will we see one?

The Nasdaq sits on 20-day and 50-day MAs. As a range bound index it's more prone to noise, and therefore could go either way, but I'm happy to see this go higher. If the S&P and Russell 2000 ($IWM) post gains, then look for the Nasdaq to follow. There are three bearish technicals to one positive. This may yet drift back to 25K, but given current action, I don't think it will.

Bitcoin marked a tag reversal off its 50-week MA. This may mean a few weeks of consolidation before there is a push above 83K.

On the Daily chart, watch for a bearish fakeout. We may see a big one-day move down, stabilizes, before resuming higher.

I haven't mentioned the Dow Industiral Average, but there was a nice two-bar bullish reversal that sets up for a challenge of the 'gravestone doji' with a high at 54.7K.

Indices have been remarkably stable over the last few days. The trend is bullish. The setup is bullish. Markets just need buyers to deliver.

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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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