Courtesy of Declan.
Large Caps suffer heavier selling; not enough to break the declining resistance trendline, but enough to register as distribution in one of the heaviest sell off days for 2015. Part of this volume was down to options expiration, but not enough to account for all of it. The S&P has mixed technical strength, and remains range bound by larger support and resistance between 2040 and 2135.
The Nasdaq was not as adversely impacted by Friday’s selling as the S&P, with Thursday’s breakout holding above 5096. Monday is a wait-and-see for the index.
The Russell 2000, as the lead index, experienced a simple flat day on Friday. Like the Nasdaq, it held on to its breakout.
Monday will be about maintaining Thursday’s breakouts for the Russell 2000 and Nasdaq, which will help the S&P win back some of the lost ground from Friday. Of course, Greece will again dominant the headlines with Monday’s deadline, but U.S. indices may be able to skirt the worst of it.
