Gold prices edge higher, nurse losses after US CPI data boosts dollar
The Nasdaq started brightly but ended up closing below its open price but above the day before yesterday's close. The S&P 500 did something similar, although the intraday range is narrower.
These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P 500.
And the new MACD trigger 'buy' for the S&P 500. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices today.
The S&P 500 posted a relative bearish shift versus the Russell 2000 (IWM) but the trend is firmly bullish.
The Russell 2000 ($IWM) gapped higher but stalled out at resistance. As with peer indexes, there was an acceleration in On-Balance-Volume accumulation, but there is also the existing 'sell' trigger in the MACD.
The setup is not as bearish as for the Nasdaq and S&P 500, and there is potential for a breakout.
Given the relative divergence between action in the Russell 2000 ($IWM) and S&P 500 and Nasdaq, the probable net result will be a flat day where indexes go nowhere. Let's see what the market brings.