There wasn’t a whole lot of action in the markets aside from the Russell 2000 (IWM), which pushed further away from its 200-day MA on higher volume accumulation. It’s a solid move from an index that is still some way from challenging highs.
The S&P 500 registered a higher volume distribution day, but it didn’t lose much ground.
The Nasdaq is trading back at breakout support after yesterday’s doji marked what is looking more like a top (but not a major top). There is plenty of support at the 20-day MA to lean on if necessary. The index kicked off a relative underperformance to the Russell 2000.
Bitcoin took a larger loss to take the cryptocurrency back to its 50-day MA. Volume is down, and technicals are mixed.
However, as long as this crypto is trading between 100K and 112K it’s range bound, and any big moves between these price levels is likely just noise.
Bullish ‘feel good’ days often occur around public holidays (although I haven’t researched that!), and with July 4th coming, there may be some junior-level trader rallies to enjoy. The Russell 2000 is the index most likely the benefit over the coming days.
