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Yesterday was a slam dunk day for the bears as no matter help, such because the retention of 4,325 within the , was sliced aside. We are actually measured transfer targets for the (), S&P 500, and , and checks of their respective 200-day MAs.
The S&P 500 is heading in the right direction to achieve its measured transfer goal, with a very good likelihood for a follow-through to its 200-day MA. Technicals are internet damaging, however the index continues to be outperforming peer indexes.
SPX-Every day Chart
The Russell 2000 (IWM) will attain its measured transfer goal having already pushed under its 200-day MA. Yesterday additionally marked confirmed distribution to go along with an unsightly technical image. If we do see a bounce, I’d anticipate it to stall out at its 200-day MA.
IWM-Every day Chart
The Nasdaq is furthest from its measured transfer goal and its 200-day MA. If the S&P 500 checks its measured transfer goal, with the Russell 2000 more likely to have completed so by the point you learn this, then the Nasdaq ought to do likewise.
COMPQ-Every day Chart
On every day time frames (at the least on a six-month lookback) there is not a complete lot of help for this decline to lean on, notably for the Russell 2000. The S&P 500 and Nasdaq have their 200-day MAs, however ought to these fail, then we might want to look once more at weekly charts for targets.
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