Ukrainian fears (mis-information) knocked Friday's morning rally before markets staged a recovery by the close. Sellers are likely to remain trigger happy today, but bulls have been willing to snap up these sell-offs. Volume climbed to register distribution in non-Tech indices, but the August bounce from swing lows remain intact.
The S&P 500 closed between the 20-day and 50-day MAs, but with a bullish cross in stochastics and a new MACD trigger 'buy'.
The NASDAQ came close to tagging 4,485, but unlike Large and Small Cap indices it finished higher. Watch for a potential breakout on Monday. Technicals are again all net bullish
On the flip side, the Russell 2000 closed with a bearish engulfing pattern off its 200-day MA. Will it now attempt the backtest? The channel breakout is confirmed, but it's now having to work through supply at the moving averages. Once these are cleared, a challenge of 1,210 is next.
Shorts may get some joy from the Dow Jones Industrial Average. It reversed off resistance, but the 'bear trap' is still in play. Stops on a close above 16,775 (with a target of the 200-day MA).
