Russell 2000 Turns Net Bearish; Watch S&P And NASDAQ Breakouts
Declan Fallon | Jan 24, 2017 12:04AM ET
Yesterday was another day of modest change with little real turn in bullish/bearish outlook. The Russell 2000 was the only index to mark a technical change with a net bearish switch in technicals (MACD, Slow Stochastics, On-Balance-Volume).
There wasn't much to add for other indices. The S&P finished with a narrow doji on its 20-day MA. Technicals were little changed.
The NASDAQ also did little. It still has a MACD trigger 'sell' to work off, but other technicals remain positive, including excellent relative strength against the S&P.
For today, the same outlook going into yesterday is still relevant. Bulls should watch for breakouts in the S&P and NASDAQ. Shorts need to watch the Russell 2000.
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