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
Last Friday's trading session was a bit of a mixed bag. Buyers stepped in at the 50-day MA for the, but they lacked conviction with light trading volume and a net bearish turn in technicals. The likelihood is for a return to the downside for today, particularly if there is premarket drift below the closing price.
The weekly chart for the Russell 2000 was much cleaner. In particular, the large upper spike from the previous week could have generated a period of weakness on a reversal, but last week's action has eaten into that indecision. The weekly buying volume could have been higher, so no confirmed accumulation.
The weekly Nasdaq chart has more room to run to support. The 50-day MA is running along weekly trendline support and looks like a good point for long-term swing traders to attack.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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