Technical Snapshot Key Takeaways
- The S&P, Nasdaq, and Russell finished
Tuesday's session higher, while the Dow finished lower. The S&P
closed deeper within its initial overhead resistance range, while the Nasdaq
broke above its initial overhead resistance range and closed below the
next range above. The Dow reversed lower from its initial overhead
resistance range, while the Russell held above support after two
consecutive days lower. The Daily trends on the S&P and Nasdaq remain
lower, while the uptrends on the Dow and Russell remain intact. Momentum
readings on the S&P and Nasdaq are confirming price, moving higher
toward resistance. Conversely, readings on the Dow and Russell are making
new lows, moving toward support.
- The Volatility Index (VIX) finished Tuesday's
session higher, above its initial downside support range from 21.35-20.40.
If price turns lower into this range and breaks below 20.40, it will likely
test the 13.75-13.25 support range below. A move lower in the VIX would
likely coincide with further buying pressure in equities. Conversely, if
price maintains buying pressure above support, it will likely attempt to
retest the 21.35-20.40 resistance range above, followed by 23.85-22.80. A
move higher in the VIX would likely align with renewed selling pressure in
equities.
...