Russell 2000 Sells Off, S&P 500, Nasdaq Could Follow Suit: Technical View

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Russell 2000 Sells Off, S&P 500, Nasdaq Could Follow Suit: Technical View
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Stocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, iShares Core S&P 500 ETF, SPDR® S&P 500. Read Declan Fallon's latest article on Investing.com

, despite the latter indexes doing 'okay' yesterday. Selling volume rose to rank as distribution with a 'sell' trigger for On-Balance-Volume.

Relative performance accelerated in its decline against the S&P 500 , but this has been the case since August. The only positive is the residual MACD 'buy', but this signal occurred well below the MACD zero line, not a good trade signal and one liable to fake out.The S&P 500 eased back on higher volume distribution to test support, but with the action in the Russell 2000, it's hard to see this support holding over the coming days.

I’ve been commenting on the SPY on my X-feed, and yesterday’s highlighted how we should be watching the volume on the daily chart, given how volume has been falling as prices moved... The 2023 Q3 earnings season kicks off tomorrow with major U.S. banks leading the way Despite the bleak backdrop, S&P 500's Q3 earnings outlook is not as bad as expected This...Yesterday I reviewed numbers that show that the 2023 advance in the S&P 500 Index continues to post a high return when set against historical calendar-year results. Encouraging,...We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.

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