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Tech Trades Squeeze Stops; Russell 2000 Approaches Resistance

Courtesy of Declan.

There is a bit of an overreach on today’s action as the level of loss was light. However, the much-anticipated breakouts in the Nasdaq and Nasdaq 100 look like they will have to wait a little longer. Both Tech indices saw the squeeze put on tight long stops, but not enough to suggest a panic sell-off is imminent. However, any sell-off has to be watched; losses below the 50-day MA would be concerning.





The Nasdaq 100 is looking a little more vulnerable with the MACD trigger ‘sell’ and +DI/-DI sell’ trigger. Look to this index for leads.





The index which has been offering the low-key opportunity for bulls is the Russell 2000. It fell just 2 points shy of the 1,450 target I’m looking for, but no reason to suggest it can’t make this tomorrow.  Technicals remain healthy.





As a footnote, the S&P and Dow did little worthy of attention. Breakouts remain intact and Technicals are sound.





For tomorrow, it’s a watch-and-wait scenario for Tech indices. The Russell 2000 remains a hold with perhaps partial profits for longs – the potential for a break of 1,450 is good.




You’ve now read my opinion, next read Douglas’ blog.




I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for “fallond”.




If you are new to spread betting, here is a guide on position size based on eToro’s system.






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