Oil prices surge to two-week winning streak as Iran supply fears grip markets
When the breakouts in the Russell 2000 (IWM) and S&P 500 Equal Weighted (SPXEW) remain under breakout support (again resistance) I would expect selling to expand and the breakouts to quickly dissipate, but this hasn’t quite happened yet. However, buyers will need to make a stand before the year is out, so when real trading resumes in the New Year, bulls will have something to work with.
The Russell 2000 ($IWM) remains stuck below $250, and Thursday’s ’black’ candlestick is not one to suggest bulls will have it easy on Friday. A weak ’sell’ trigger in the MACD doesn’t help, but in itself is not too damaging.
The equal-weight S&P dipped below breakout support before staging an attempted recovery above the line. However, it wasn’t able to hold on, and finished near the day’s open. It will get another chance on Friday.
Bitcoin broke from its ’bear flag’, doing so on increased volume, but hasn’t yet accelerated away in a wave of selling. There have been two spike highs that have tagged the ’bear flag’ in what looks to be a confirmation of bearish weakness, but until the $80.6K spike low is breached there is hope for bulls.
On a final note, I have redrawn the measured move target for Semiconductors. It’s not much different to the original, and it has still a way to go before support is lost, but it’s back in play.