U.S. Indices Well Positioned To Break Out Of Trading Ranges
Declan Fallon | Feb 04, 2015 11:26PM ET
With the swings we have seen since the New Year rolled in, it was no surprise to see small losses yesterday after two good days. This leaves indices nicely positioned to break out of the various trading ranges in play.
The S&P 500 has to get past what looks to be strong resistance around 2,064 before it can make a challenge on 2,093. The former might prove to be the bigger challenge than the latter. Technicals are a little mixed, with On-Balance-Volume whipsawing back to a 'sell' trigger.
The NASDAQ experienced technical distribution as it works support at the 50-day MA. Of the indices, it's furthest from resistance.
The Dow finished yesterday with a spinning top right below channel resistance. Today offers a good chance for a breakout.
The Russell 2000 is ready to pop 1,200 today. Like other indices, the MACD is on a trigger 'buy'. Can today deliver? Also in play is net positive bullish momentum (stochastics above 50).
We will see tomorrow..
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.