Technicals for the index are mixed; On-Balance-Volume and +DI/-DI are on recent 'buy' signals with stochastics above the bullish mid-line.and is on a weak MACD 'sell' trigger . Weakness in the Russell 2000 is worrisome because of its role in trend leadership.had a better day than the Russell 2000, managing to close near the day's high, but closing with a bearish 'black' candlestick.
Indexes are in a bit of a no-man's land, particularly breadth metrics that are neither overbought nor oversold. At one level, the picture has a lot in common with 2007, before the crash; but at the same time, there is a little bit of 2017 too. The key will be if the S&P 500 and Nasdaq can hold on to their breakouts. If they can, breadth metrics have room to become overbought so Indexes can make new highs. If not, then wait for oversold breadth metrics for a value-buying opportunity.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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