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
as last week's selling tags breakout support, but also breaks a bullish trendline. The selling undercut the 20-day MA with a 'sell' trigger in the MACD.
After Wednesday's gap down, selling volume eased, which may be a sign of complacency or a genuine lack of interest in taking profits at this point.may indicate what's to come for the S&P 500. It has already breached trend support, its 20-day MA, and breakout support. Next up is the 50-day MA before we start looking at the March swing high as a possible support level.
Technicals are net positive and even if selling was to continue it would likely take the full week for the index to get back to breakout support.. It finished Friday with an undercut of its 50-day MA on net bearish technicals. Near-term stochastics are oversold but they haven't yet created a scenario that could deliver a signal 'buy'. Look for prices to stick around 5,200 as part of a support test.
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