Stocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, iShares Russell 2000 ETF, NASDAQ Composite. Read Declan Fallon's latest article on Investing.com
In the long run, this may be more bullish for the broader market, even if profit-taking was the order of the day.
The S&P 500 gave back the day before yesterday's gain on confirmed distribution. Despite yesterday's loss, there won't be any real damage until there is an undercut of breakout support at 5,500. At this point, a test of the 20-day MA - also at 5,500 - looks likely. Further profit-taking seems likely, but I would not be surprised to see an undercut of the former 'wedge' and 20-day MA. Look for support at 17,750 and take it from there; a deeper correction is likely to go all the way to the 50-day MA.
We may be looking at a larger trend shift, or at least, a stall in the trend for the Nasdaq and S&P 500, but bulls have something to work with for the Russell 2000.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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