Nasdaq, S&P 500 at a Standstill, Russell 2000's Rising Channel Holds: What's Next?
Declan Fallon | Aug 02, 2023 03:19
Looks like I haven't missed much since I have been away. The Nasdaq pitched sideways after tagging channel resistance. There was no change in the supporting technical picture.
The S&P 500 is running along channel resistance, drifting a little to the point of a weak MACD 'sell' trigger. However, the trend in On-Balance-Volume is nicely bullish.
The Russell 2000 (IWM) is trading in the middle of its rising channel, not doing a whole lot. If there is anything to focus on, selling over the past few days has skewed in favor of distribution, but price action hasn't broken.
There is not a whole lot to add to this. The prior trend is bullish, and until we see some clear price + volume action to change this, then assume rallies will continue.
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