Courtesy of Declan.
It was a bit of a non-event for indices as early gains were unable to hold by the close of business. As a result, some of the challenges on highs faded and all indices remained inside prior consolidations. Volume was also down on Friday’s, which kept things muted. For example, the S&P touched on 2120 resistance, but finished below this level.
The Nasdaq is stuck in the middle of its bearish rising wedge
While the Russell 2000 was unable even to mount a challenge of overhead resistance at 50-day or 200-day MAs.
The Semiconductor Index remained pegged by its 50-day MA.
Today was more noise in an already noisy market. We need a decisive break of either support or resistance to get the juices flowing.
