Nasdaq, S&P 500 at a Standstill, Russell 2000’s Rising Channel Holds: What’s Next?
2023.08.02 03:44
Looks like I haven’t missed much since I have been away. The pitched sideways after tagging channel resistance. There was no change in the supporting technical picture.
COMPQ Daily Chart
The 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.
SPX Daily Chart
The () 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.
IWM Daily Chart
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.
