Saturday, May 21, 2022

Selling Weighs Heavily On Markets

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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. 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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