Sellers pay a visit, pushing markets back into prior ranges
One step forward, two steps back. The only consolation to today was that trading volume was down on yesterday's. The Nasdaq is holding circa 14,900 support whie the S&P was able to find buyers around its 50-day MA - but not before it undercut breakout support. Meanwhile, the Russell 2000 didn't make it past neckline resistance. Despite the loss of breakout support the S&P has two chances to recover the losses; the first is where the index finished today - at its 50-day MA, the second is channel support - currently around 4,650. We do have 'sell' triggers in the MACD and On-Balance-Volume, but momentum remains on the bullish side of the midline.