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Bulls Were Unable To Build On Morning Optimism

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After the Fed driven sell-off that delivered support breaks for some of the indices there was an attempt by bulls to stage a bounce, but traders weren't able to build on the sizable opening gaps, and some indices drifted lower by the close. The Russell 2000 ($IWM) lost the most ground off the open. However, today's close was enough to regain support, leaving yesterday's action as a potential 'bear trap'. Technicals are net bearish oversold. And today's buying volume was below yesterday's selling (distribution). The S&P finished the day where it started, which is also 20-day MA resistance. Aggressive traders could go with a swing trade as the next move could be sizable (particularly if the move is higher). The Nasdaq is dominated by the trading range, but within that we have a consolidation triangle. As it stands, the index is at resistance of this triangle, and given recent selling volume I would be looking for a move to close today...
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Russell 2000 ($IWM) Finds Support At 200-day MA

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After reversing from its 20-day MA it managed to find support at its 200-day MA with a bullish 'hammer' at oversold conditions on heavy volume - an ideal reversal scenario. Friday's trading brought a more indecisive spinning top, but it did manage to close higher. For Monday, we will want to see what happens when it gets back to the 20-day MA responsible for the reversal on the sizable bearish engulfing pattern.
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Russell 2000 Reverses Off 20-Day MA As S&P And Nasdaq Breakout

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Markets are breaking two ways - Small Caps heading south while Tech and Large Caps head north, but even Small Caps have reason for optimism. The Russell 2000 ($IWM) bounced off its 200-day MA, reaching its 20-day MA until today's reversal dragged it back with a bearish engulfing pattern. Despite the bearish candlestick the MACD still managed a 'buy' trigger and selling volume was light. I would be looking for a bullish test and buyers to step in. Momentum is slowly improving, so I'll be watching for bullish divergence in technicals.
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Swing Low Bounces Struggle For Traction

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Markets swing lows were undone by early enthusiasm failing to build on opening gaps. The Russell 2000 ($IWM) had looked the most likely to shape a bounce worthy of note, but the early gap higher was the extent of the gains and by the close of business we had an indecisive 'black' candlestick style 'spinning top' - not a candle to get excited about. Buyers of the bounce will need to be ready for a move down into the gap, and maybe as far as a second test of the 200-day MA. Technicals are net negative.
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Bitcoin Makes Second Attempt At Rally Off Breakout Support

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The last couple of days for Bitcoin had pointed to indecision on a series of doji, but today's white candlestick above 82.5K breakout support suggests we may yet get another kick on higher. In a manner, it's a victim of its own success as market indices have headed in the other direction. On a positive note, 82.5K should be strong support. If there was a concern, it's that On-Balance-Volume is running below its 20-day MA which may suggest undercover distribution is at work; if 82.K support is lost then further loses are likely.
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