Buyers Look To Halt Losses Across Indices
Declan Fallon | Mar 22, 2021 02:17AM ET
Friday was options expiration, which spiked volume, but it also saw higher prices for many of the indices.
The Russell 2000 (via IWM) was/is the lead index but it reversed its recent breakout to fall below support, however it did find support at its 20-day MA. Technicals are a little mixed with a 'sell' trigger in the MACD and ADX, but bullish technicals intact for On-Balance-Volume and Stochastics. The index is still outperforming the S&P and NASDAQ.
The NASDAQ is caught below its 50-day and 20-day MA but is looking to shape a higher low.
The S&P wasn't quite able to post a higher close on Friday, but it remains above its 20-day and 50-day MA as the index looks to reassert a leadership role relative to Small Caps. Of technicals it has a 'sell' trigger in On-Balance-Volume
For today, we will want to see the Russell 2000 return to challenge its breakout or for the S&P to become the new market leader.
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