Breaking News

S&P 500, Nasdaq to Test 200-Day MA; Russell 2000 Breaks Below it: What Lies Ahead?

By Declan FallonStock MarketsSep 27, 2023 03:04

ca.investing.com/analysis/sp-500-nasdaq-to-test-200day-ma-russell-2000-breaks-below-it-what-lies-ahead-200580479

S&P 500, Nasdaq to Test 200-Day MA; Russell 2000 Breaks Below it: What Lies Ahead?

By Declan Fallon | Sep 27, 2023 03:04

Saved. See Saved Items.

This article has already been saved in your Saved Items

US500

+0.10%

Add to/Remove from a Portfolio

US2000

-0.46%

Add to/Remove from a Portfolio

IWM

-0.40%

Add to/Remove from a Portfolio

IXIC

+0.29%

Add to/Remove from a Portfolio

Yesterday was a slam dunk day for the bears as whatever support, such as the retention of 4,325 in the S&P 500, was sliced apart. We are now looking at measured move targets for the Russell 2000 (IWM), S&P 500, and Nasdaq, and tests of their respective 200-day MAs.

The S&P 500 is on course to reach its measured move target, with a good chance for a follow-through to its 200-day MA. Technicals are net negative, but the index is still outperforming peer indexes.

SPX-Daily Chart

SPX-Daily Chart

The Russell 2000 (IWM) will reach its measured move target having already pushed below its 200-day MA. Yesterday also marked confirmed distribution to go with an ugly technical picture. If we do see a bounce, I would expect it to stall out at its 200-day MA.

IWM-Daily Chart

IWM-Daily Chart

The Nasdaq is furthest from its measured move target and its 200-day MA. If the S&P 500 tests its measured move target, with the Russell 2000 likely to have done so by the time you read this, then the Nasdaq should do likewise.

COMPQ-Daily Chart

COMPQ-Daily Chart

On daily time frames (at least on a six-month lookback) there isn't a whole lot of support for this decline to lean on, particularly for the Russell 2000. The S&P 500 and Nasdaq have their 200-day MAs, but should these fail, then we will need to look again at weekly charts for targets.

Related Articles

Palantir Hits 2-Year High: Can Improved Outlook, Buybacks Sustain... By Günay Caymaz - Nov 29, 2023

Palantir recently hit two-year highs at $21.85, fueled by positive factors like government revenue, and a $1 billion buyback program Despite a partial pullback tied to...

3 Beaten-Down Stocks Poised for Rebound In 2024 By Jesse Cohen - Nov 29, 2023

Wall Street is on track to end 2023 on a solid note. Growing optimism that Fed interest rates and U.S. inflation have peaked, combined with hopes for a soft-landing will continue...

S&P 500, Nasdaq Brace for Move Higher; Russell 2000 Bulls Hold All the... By Declan Fallon - Nov 29, 2023

It has been a relatively slow start to the week given what is at stake we remain waiting for the potential breakout in the Russell 2000 (IWM). The Russell 2000 has drifted back in...

Add a Comment

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:

Enrich the conversation
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically.
Use standard writing style. Include punctuation and upper and lower cases.
NOTE: Spam and/or promotional messages and links within a comment will be removed
Avoid profanity, slander or personal attacks directed at an author or another user.
Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I have read and understood Investing.com Canada's comment guidelines and agree to the terms described.

Write your thoughts here

Are you sure you want to delete this chart?

Post also to:

Replace the attached chart with a new chart ?

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d68-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="{userLink}" class="js-user-link"><img src="{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d68-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d68-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
		</div>
    </div>
			</div>
			<div id="show-more-comments">
				<a class="showMoreComments block">
					<span class="arial_12 showArrowafter">Show more comments (<span class="js-amount"></span>)</span>
				</a>
			</div>
			<div id="show-more-replies">
				<a class="showMoreReplies block">
					<span class="arial_12 showArrowafter">Show more replies (<span class="js-amount"></span>)</span>
				</a>
			</div>

Are you sure you want to delete this chart?

Replace the attached chart with a new chart ?

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

More Categories

1D1W1M6M1Y5YMax

	S&P/TSX	20,036.77	+4.11	+0.02%
	S&P/TSX 60	1,206.65	0.00	0.00%
	US 30	35,494.0	+77.0	+0.22%
	US 500	4,575.5	+20.6	+0.45%
	S&P 500 VIX	12.60	-0.09	-0.71%
	DAX	16,155.20	+162.53	+1.02%
	Dollar Index	102.722	+0.073	+0.07%

	Crude Oil WTI	77.75	+1.34	+1.75%
	Brent Oil	82.67	+1.20	+1.47%
	Natural Gas	2.824	-0.013	-0.46%
	Gold	2,042.30	+2.30	+0.11%
	Silver	24.985	+0.050	+0.20%
	US Soybeans	1,349.25	+3.25	+0.24%
	US Cotton #2	80.28	+0.68	+0.85%

	Bombardier Inc	49.130	-0.780	-1.56%
	Enbridge	34.15	+0.21	+0.62%
	Air Canada	17.41	-0.19	-1.08%
	Ovintiv	21.70	-0.39	-1.77%
	Apple	190.40	+0.61	+0.32%
	Alibaba ADR	76.74	-0.79	-1.02%
	Tesla	246.72	+10.64	+4.51%

	Canada 5Y	3.645	-0.022	-0.61%
	Canada 10Y	3.575	-0.004	-0.13%
	Canada 30Y	3.376	-0.002	-0.06%
	U.S. 2Y	4.693	-0.043	-0.91%
	U.S. 10Y	4.294	-0.040	-0.92%
	U.S. 30Y	4.477	-0.047	-1.03%
	Germany 10Y	2.4410	-0.0520	-2.09%

Most Popular Articles

Charlie Munger, the 'Oracle of Pasadena' who was Buffett's... By Reuters - Nov 28, 2023

Dow futures tick higher; Fed's Waller flags future rate cuts By Investing.com - Nov 29, 2023

Panama president directs First Quantum to shut copper mine after court... By Reuters - Nov 28, 2023

Bonds bask in talk of Fed interest rate cuts By Reuters - Nov 29, 2023

Canadian Dollar Higher as USD Pares Back; Canadian GDP, Labour Market... By Investing.com - Nov 28, 2023

S&P 500 Bull Run Could Extend to H1 2024 Before Bear Market Emerges By Gary Tanashian - Nov 28, 2023

1 Stock to Buy, 1 Stock to Sell This Week: CrowdStrike, Foot Locker By Jesse Cohen - Nov 26, 2023 1

Will US Stocks Lead Global Markets Again in 2024? Big Tech Has the... By James Picerno - Nov 27, 2023

7 Timeless Investment Mantras for Enduring Success in the Markets By Francesco Casarella - Nov 28, 2023

4 Steps to Deep Diving Into a Stock's Fundamentals With InvestingPro By Calogero Selvaggio - Nov 27, 2023

Central Bank Rates

	Central Banks		Interest Rates	Next Meeting
		BOC	5.00%	Dec 06, 2023
		FED	5.50%	Dec 13, 2023
		BOE	5.25%	Dec 14, 2023
		ECB	4.50%	Dec 14, 2023
		SNB	1.75%	Dec 14, 2023
		RBA	4.35%	Dec 05, 2023
		RBNZ	5.50%	Nov 29, 2023
		BOJ	-0.10%	Dec 19, 2023
		CBR	15.00%	Dec 15, 2023
		RBI	6.50%	Dec 08, 2023
		PBOC	3.45%
		BCB	12.25%	Dec 13, 2023