Stocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, iShares Russell 2000 ETF, NASDAQ Composite. Read Declan Fallon's latest article on Investing.com
Seller remorse after a weekend of retrospection might have accounted for some of yesterday's buying, and while bullish haramis left in indexes might offer reversal opportunities, overhead supply at moving averages will likely prove problematic.The index is close to its 200-day MA, although any hit of this would likely lead to failure given the recency of the last test.
Yesterday's buying was low on volume and didn't change the net technical picture. From a trade perspective, a close of $207 would see a move to the 200-day MA and likely lower.However, it's a long way from the August swing low or 200-day MA, although has the benefit of bullish Stochastics and is a relative performance leader.
Bullish haramis are good reversals, but for them to come into play they typically require opening gaps higher. Certainly, yesterday's lows can't be violated. Watch pre-market for leads.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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