Tuesday, December 6, 2022

Selling Weighs Heavily On Markets


Markets are yet to deliver on fresh breakouts as they linger near resistance, but they are making heavy weather of it. Triple tops are rare patterns and the is signalling a breakout but hasn’t quite done enough to confirm it yet. 

Technicals for the are bullish with the exception of relative performance to the Russell 2000.. 

COMPQ Daily Chart

COMPQ Daily Chart

The S&P is dominated by its bearish inverse hammer. Technicals—other than relative performance—are all bullish. 

SPX Daily Chart

SPX Daily Chart

The last hope is the Russell 2000. Today’s loss has the makings of a move into the breakout gap. True breakout gaps can’t close—otherwise they wouldn’t be called ‘breakout gaps’—but today’s action is set up for a move into this price void. What will Friday bring?

IWM Daily Chart

IWM Daily Chart

It’s a last chance to cement a positive weekly candlestick. The Russell 2000 is best places to mark a breakout from a consolidation which dates back to the start of 2018, but other indices are weighing it down. Let’s see what happens. 

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