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Buyers defend 20-day MAs in Russell 2000, S&P and Nasdaq
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November 19, 2024
After days of selling triggered by escalating events in Ukraine there was at least a modicum of relief for markets as buyers stepped in at 20-day MAs across lead indices. Because of this, breakout gaps remain intact and markets have the opportunity to return to their highs. Risk:reward can be worked off the lows (lowest low of the last 3 days). Those of a bearish persuassion may view recent gaps as potential "island reversals", but if these prove true, then such overhead gaps can't close. The Russell 2000 ($IWM) had produced the biggest breakout gap, but also suffered the hardest selling post-election. Today's defense of the 20-day MA come with prior 'sell' triggers i