Russell 2000 Holds Key Support; Nasdaq, S&P 500 Turn Net Bullish: What Lies Ahead?

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

The only holdout is the stochatic [39,1], which hasn't yet crossed the midline. Friday's closing candlestick for the Russell 2000 was a little iffy and, in combination with stochastic mid-line resistance, could spell a period of weakness for the week. However, from a price perspective, it's trading above $189 breakout support and key moving averages, so there is reason to be optimistic here. Another tick in the bullish column is the net accumulation in volume.

If this is not the case, we are looking at a test of the June/August swing lows to set up a possible longer trading range, perhaps lasting into Christmas. The Nasdaq and S&P 500 are trending above their 200-day MAs without being too extended, so I don't have many concerns with these indexes. The Russell 2000 is playing with a fire a little, but this is more of a"holding" pattern rather than anything outright bearish.

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