IWM, daily
Nasdaq Comp
Sp'daily5
Trans
Summary
First, lets start with the Rus'2000 small cap, where we saw yesterdays bearish engulfing candle get confirmation, with a candle that clearly breaks the multi-week up channel. This is a VERY good sign.
The tech' sector was especially weak again today, and it too has broken the up channel. The Nasdaq'100 saw a death cross today (chart not shown), I'm sure the composite will follow within the next few days.
The SP'500 broke the up channel, and today's close of sp'1419 is a good start. You can see the 3 MAs (10, 50, 100) clustered around the sp'1414/16 zone.
We can be clear about the following...
A break <sp'1410 will be VERY significant, whether it happens tomorrow, or early next week. I would expect the recent low of 1398 to be quickly taken out, and then a challenge on the 200 day MA @ 1387.
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The trans did manage a green close - why not eh? , its the crazy tranny after all. Yet, we have a clear three candle spiky top, and frankly, that is the bearish chart of the day in my view.
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A little more later :)