Stocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, iShares Russell 2000 ETF, NASDAQ Composite. Read Declan Fallon's latest article on Investing.com
was the most telling. The last couple of days have seen the index struggle to recover its 50-day MA, as it closed yesterday with the bearish 'black' candlestick that's common in reversals. Buyers did their best to defend the 17,033 swing low, but I'm not sure it will be enough.
There is a gap around the 15,850 mark from May that will suck prices down to it, then there is the 200-day MA for long-term support. Technicals are bearish, but not fully oversold, although On-Balance-Volume edged a new 'buy' trigger. However, I wouldn't be surprised if we saw a bullish 'hammer' or 'doji' that tagged *weekly* trend support intraday before bouncing., if a little more bullish.
For today, watch pre-market action for an undercut of the swing low from last Thursday. There is a host of economic announcements to move the market before it opens. If we get a gap down in the Nasdaq, then it will be hard for the S&P 500 to hold moving average support and may even influence the Russell 2000.
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