Russell 2000 Takes Biggest Loss But Trading Range Unchallenged

The NASDAQ closed with a narrow doji on higher volume acccumulation. The 20-day MA continues as support with the MACD and ADX still on ‘sell’ triggers.

The S&P managed a new high in both price and On-Balance-Volume, although there is little information to trade on. The index is in the middle of the rising channel with technicals net bullish, it’s a safe ‘hold.’ 

The Semiconductor Index is at an interesting juncture as it makes a positive test of breakout support, although supporting technicals are mostly bearish— only stochastics [39,1] are bullish.  The index is also underpeforming the NASDAQ 100, which may be a warning for worse to come—but price will always be the lead.

Holiday trading continues with modest gains keeping bulls happy, but those looking for a pullback to buy are left wanting.  The Russell 2000 is caught in limbo, which helps neither bulls nor bears.

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