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S&P 500 Close To An Inflection Point

ByDeclan Fallon
Published 03/04/2015, 11:00 PM
Updated 07/09/2023, 06:31 AM

A second day of losses yesterday brought markets closer to support, and a potential decision point.

The S&P tagged support at 2094 and the 20-day MA at 2090. Bulls will need to step up to the plate today if such key support is to hold. Lose 2093 and 2064 comes into play. Volume climbed yesterday to register as distribution.

SPX Daily
The NASDAQ was little changed. It was able to rally in late afternoon trading as it hugged the 10% envelope (relative to the 200-day MA). The 20-day MA is looking like a logical next test, but if it was to do this, it would give up yesterday's low without much question. Bulls need to be careful not to buy the dip too early. At least the index didn't register a distribution day.

COMPQ Daily
Helping the NASDAQ is the bullish hammer in the Semiconductor Index. This was good to see after Tuesday's reversal of the strong gain. Bulls may enjoy a bullish day trade as traders anticipate a recovery.

SOX Daily
The Russell 2000 also closed with doji, just above its 20-day MA. Bulls are nicely set in this index too.

RUT Daily
For today, look for a recovery in the key indices: Semiconductor Index and Russell 2000 potentially offering the best upside.

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