Russell 2000 And Semiconductors Struggle (A Little)
Declan Fallon | Mar 15, 2019 12:50AM ET
There wasn't a whole lot to today's action. Weakest of the indices, the Russell 2000, may be offering shorts a second bite of the cherry following a rebuff off the 20-day MA, but it was not a decisive reversal. Semiconductors have so far failed to challenge the February high and this weakness may make its way into the Nasdaq and Nasdaq 100 which are faring slightly better.
The S&P 500 (along with the Dow Jones Industrial Average) had a quiet day. A very narrow doji following yesterday's 6-month high keeps the rally going and the 200-day MA is there to lend support.
The Nasdaq posted a small loss but didn't change the bigger picture. Today's action in the Semiconductor Index is probably more important for this index but tomorrow is another day. Aside from the MACD all other indicators are bullish.
The Russell 2000 lost a little ground but it's looking like the rally is running out of steam. Like the Nasdaq, we have 'sell' trigger in the MACD but other technicals are bullish.
The Dow Jones Index lost channel support before it successfully defended its 200-day MA. It's now finding resistance at its 20-day MA with bearish technicals for the MACD, On-Balance-Volume and DI+/DI-. It's not necessarily a short but I would be looking for further weakness.
Get The News You Want
For tomorrow, keep an eye on the Russell 2000. Action here will spread to Large Caps and Tech indices, although the latter will be influenced by the Semiconductor Index.
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.