Flat-Line Day For Markets
Declan Fallon | Sep 08, 2021 02:52AM ET
Most of the attention will have been on cryptocurrencies today, but for markets, it was another dull day. The S&P barely moved the needle as it continued its snail-paced ascent. It's weekly MACD has effectively flat-lined with only its accumulation trend in On-Balance-Volume showing signs of bullish life.
The NASDAQ closed with a narrow bar candlestick as the rate of its ascent slowed. The index is showing a relative performance advantage over the Russell 2000, which marks a shift in favour of Tech stocks over Large or Small Caps.
The Russell 2000 lost a little ground as it looks to build a challenge on $233 (IWM). Technicals are net bullish as the index looks to negotiate its trading range.
Markets remain in Labor day holiday mood as we enter the traditional seasonal weak period for indices. I would be happy if the Russell 2000 could remain inside its trading range should the likes of the S&P and NASDAQ weaken, but nothing to worry about just yet.
Get The News You Want
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. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.