Two Technical Observations

It’s nice to see some selling here (because I was expecting it). But, I want to note two signs of strength.

Despite giving up the range between the two long-term highs (2018 & 2020), the Russell could not even manage to break a prior low (green arrow):

RTY

And at least so far, the Nasdaq 100 still refuses to give up this wedge (green arrows):

NQ

So, I am still open to continued selling, but I am also open to a deeper sell coming later if the market needs more time. I will have to observe how things develop.


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