Markets Stall At 20-Day MAs -

Markets Stall At 20-Day MAs

Jan 16, 2025Jeremy ParkinsonFinance, No picture0

Image Source: UnsplashAfter yesterday’s big gains it was always going to be hard for markets to continue in the same vein. All markets are near 20-day MAs, with the Russell 2000 (IWM) just above this key moving average and the S&P and Nasdaq just below. Volume was down on yesterday, so no distribution or accumulation to record.The Russell 2000 is trading just below channel resistance, but has seen new ‘buy’ triggers in the MACD and On-Balance-Volume. Yesterday’s breakout gap leaves a big void to such prices into. Remember, a true breakout gap can’t close.The S&P tagged resistance of converged downward channel and 50-day MA. There is a working ‘buy’ trigger in On-Balance-Volume, but other technicals are still bearish. However, after an extended period of weakness, the relative relationship between the S&P and Nasdaq now looks to be swinging back in favor of the S&P.The Nasdaq has shifted to a bullish wedge after breaking below its prior upward trend. Technicals are net bearish and don’t enjoy the nascent bullish recovery seen in the S&P and Russell 2000, but the index is holding on to its 50-day MA.For tomorrow, bulls can look to the Nasdaq despite the relative undperformance against the S&P. Bears have the bearish tag of resistance in the S&P to attack.More By This Author:Markets Shifting Net Bearish In Technical StrengthBad Day At The Office For MarketsLooking Ahead To 2025; 12 Charts To Track