Reader Request: Major Indices Charts

By | October 12, 2014

The damage done this week in the broader market is clear on the charts of the major indices. The DJIA, SPX, and NASDAQ Composite all broke long term uptrend lines, and closed on their lows. The Russell 2000 which has led the group lower, down 9.4% year-to-date, is below both its 50 and 200 day moving averages and this week broke key channel or inverse head and shoulders neckline support. The topping pattern projects down to the 950 area for the index. Hopefully, the other three indices can stabilize at their 200 day averages and have a positive effect on the small cap index. There is a lot of technical work to be done, however, for these charts to return to trend and make new highs.


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.