The Russell 2000 is at the 50 day moving average as well as a horizontal and uptrend resistance area. The S&P 500 has now put in three weekly doji closes in a row….indecision is an understatement. While it can break in either direction at any time, this choppy sideways action can also continue. Our […]
Despite a bounce in the major averages yesterday, the market remains in no-man's land and is churning away. Given all the headwinds I discussed here tirelessly I think the direction of stock prices over the next two months is flat to down. As such we are increasing our focus on shorter-term trading in Bucket 1 […]
On May 2nd 2011 the Russell 2000 (RUT) small-cap index landed at a fresh all-time high. From the March 2009 lows to the May 2011 highs, the measured move equals more than 150%. The S&P 500 in comparison rose just over 100% over the same time period. As the often weaker summer months for […]
Note yesterday the Russell 2000 broke below the uptrend line in place since last September and also broke below the 50 day moving average (yellow line). Just something to keep in mind.
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Hi Folks I was in transit all day today and now a little jet-lagged so I will keep this brief. Well, it was another rally day in the markets and we did climb and close above SPX 1320. All summed-up this is now a 5.5% rally in 10 trading days. I mentioned that as a […]
Good Morning Again! Here are the levels I am watching on the S&P500, the Russell 2000, and the Dow Transports ETF (IYT). SPX Support: 1320, 50 day moving average (yellow line), 1310, 1300. SPX Resistance: 1340, 1345. I still see a potential final SPX upside target somewhere between 1380 and 1450. RUT Support: […]