👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

S&P 500, Nasdaq, Russell 2000 Eyeing Late-Day Reversals Today: Key Levels to Watch

Published 2024-03-12, 03:21 a/m
US500
-
US2000
-
IWM
-
IXIC
-

Markets were set up for a sizable down day, or at least one to undercut breakout support, but this didn't happen. While there was no real change on the day the fact that there were no major losses should be viewed as a positive.

The Russell 2000 (IWM) finished right on $205 support with no technical change.

The index is still outperforming the Nasdaq and the S&P 500. I'm watching for an intraday spike down to the 20-day MA, but would expect a close above $205 to maintain the story for a successful breakout.

IWM-Daily Chart

The Nasdaq also finished above psychological (and breakout) support of 16K with the 20-day just below this key support level.

Yesterday's volume didn't rank as distribution, but it was enough to see a new 'sell' trigger in On-Balance-Volume - although this particular indicator has been in flatlined/whipsaw territory since the end of February.

COMPQ-Daily Chart

The S&P 500 finished just above breakout support near 5,100 but without the 'sell' trigger in On-Balance-Volume. Again, I still think an intraday move to the 20-day MA would seem more likely, but a straight bounce off support can't be ruled out.SPX-Daily Chart

Heading into today, watch for early losses in the first 30-60 minutes, and then buyers step in to bring things back above breakout support.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.