S&P 500, Nasdaq Gap Fills on Horizon; Russell 2000 Stuck in a Trading Range
2024.06.21 03:24
It was to be expected that sellers were to make a concerted appearance at some point in June and today was the day. It was a rough day for me on the day trading front; overtrading, but managing to close with a profit thanks to the gain of the .
The and took the biggest hits on the day, but there is plenty of support to work with despite today’s higher volume distribution selling.
The () took a modest loss. This time, the trading range offers protection, so its significance is reduced. Volume did register as distribution and technicals are net negative. It may take a test of the 200-day MA to initiate a rally to break the trading range, but for now, expect further scrappy action.
There may be some follow-through lower for the S&P 500 and Nasdaq with last week’s gaps a likely area to be filled over the coming days. Such action would coincide with tests of 20-day MAs, increasing the likelihood of such moves. As for the Russell 2000, it’s anyone’s guess.
