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Russell 2000 Turns Net Bearish; Watch S&P And NASDAQ Breakouts

Published 01/24/2017, 12:04 AM
Updated 07/09/2023, 06:31 AM
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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).

RUT Daily


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.

SPX Daily


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.

COMPQ Daily


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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