The good work of bulls was done early last week but rallies had run out of steam by Friday’s close, although the weekly charts still look good.
On weekly timeframes, there was registered accumulation for the and but not for the ().
The Russell 2000 ($IWM) did close with a doji on the weekly timeframe and in a position to suggest a bullish (reversal) harami cross while also resting near support of $195.
IWM-Weekly Chart
The daily chart for the Russell 2000 ($IWM) shows a nasty bearish cloud cover that may carry over into the start of next week, but if the weekly bullish picture holds, early weakness will offer a buying opportunity.
IWM-Daily Chart
The Nasdaq finished Friday with a second doji in a row. Volume was down on Thursday and technicals were unchanged with the MACD still trending bearish off the ‘sell’ trigger.
The index is outperforming relative to the S&P 500 but it does look a little pegged in by December…
