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Russell 2000 Takes Biggest Loss But Trading Range Unchallenged

By Declan FallonStock MarketsAug 16, 2021 12:25AM ET
www.investing.com/analysis/russell-2000-takes-biggest-loss-but-trading-range-unchallenged-200598744
Russell 2000 Takes Biggest Loss But Trading Range Unchallenged
By Declan Fallon   |  Aug 16, 2021 12:25AM ET
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Only one index suffered a loss of potential consequence on Friday, but given the Russell 2000 (via IWM) is range bound the near 1% loss didn't do a whole lot of damage.  The 50-day MA remains as uncharacteristic resistance in a range bound scenario, but it makes tracking supply relatively easy as long as it stays as resistance. I have drawn in a bearish wedge, with a measured move target down to monitor. 

IWM Daily Chart
IWM Daily Chart

The NASDAQ closed with a narrow doji on higher volume acccumulation. The 20-day MA continues as support with the MACD and ADX still on 'sell' triggers.

COMPQ Daily Chart
COMPQ Daily Chart

The S&P managed a new high in both price and On-Balance-Volume, although there is little information to trade on. The index is in the middle of the rising channel with technicals net bullish, it's a safe 'hold.' 

SPX Daily Chart
SPX Daily Chart

The Semiconductor Index is at an interesting juncture as it makes a positive test of breakout support, although supporting technicals are mostly bearish— only stochastics [39,1] are bullish.  The index is also underpeforming the NASDAQ 100, which may be a warning for worse to come—but price will always be the lead.

SOX Daily Chart
SOX Daily Chart

Holiday trading continues with modest gains keeping bulls happy, but those looking for a pullback to buy are left wanting.  The Russell 2000 is caught in limbo, which helps neither bulls nor bears.

Russell 2000 Takes Biggest Loss But Trading Range Unchallenged
 

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Russell 2000 Takes Biggest Loss But Trading Range Unchallenged

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