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
Friday's selling volume ranked as distribution, but it was not particularly heavy volume overall. Technicals didn't lose much ground over the two days of selling and remained net bullish.is looking a little vulnerable with Friday's doji forming a bearish 'harami cross' against Thursday's broad candle - a reliable reversal candlestick pattern.
Another chart to watch is the weekly S&P. We won't have confirmation until Friday's close, but if we start the week poorly there is a risk for a"bull trap" that could deliver weeks of underperformance. So, I would be expecting a gap down in the Nasdaq and S&P, but if this fails to materialize, then the conditions are there for a big gain that delivers a breakout in the Nasdaq, a confirmation of the Russell 2000 breakout, and a continuation of the S&P rally.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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