Stocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, iShares Core S&P 500 ETF, SPDR® S&P 500. Read Declan Fallon's latest article on Investing.com
It was always going to be hard for indexes trading near prior swing lows to hang on to those lows with the peer Russell 2000 light volume acting as some succor, while the S&P 500 registered a firm distribution day.Starting with the Nasdaq, the measured move target that had offered some support alongside the 200-day MA is no more.
We can now start tracking the percentage loss relative to this moving average before we get to a major swing low, although a loss greater than 10% against its 200-day MA is needed before we get to a period of historic weakness greater than 90% of past price action dating back to 1971.It's looking tougher for the S&P 500. Today marked a clear distribution day after the Monday break of its 200-day MA.
Technicals are firmly in bear territory and the MACD trigger 'sell' below the bullish zero line is a harbinger of quick losses. The drop below 0% in Rate-of-Change is another marker of a longer-term bearish shift.The daily chart for this index is looking ugly, although the weekly chart still has avenues for support but for how long is anyone's guess.The Russell 2000 was a rare bright spot, churning on heavy volume on a neutral 'doji'.
However, with the book the S&P 500 and Nasdaq looking like they are still only in the early phase of a decline, it might be a hard buy.It felt inevitable that the S&P 500 and Nasdaq would follow the Russell 2000 lower. The question now is whether the selling in the Russell 2000 is done, or if the conditions for a crash are still in play?When evaluating the stock market, looking at several key indicators to evaluate risk and positioning is good.
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