Markets tilted back toward buyers, but it’s still too early to call a sustained rally. The S&P 500 led the move, breaking above downtrend resistance, though it has yet to test its 20-day moving average. A fresh MACD buy signal emerged, but its strength remains questionable as the indicator is still below the zero line.
The Russell 2000 (IWM) closed above its 20-day moving average but still needs to overcome more meaningful resistance at prior highs. After holding firmly above its 200-day MA, it has generated fresh buy signals in both On-Balance Volume and MACD. The index is also showing relative outperformance versus its peers.
The Nasdaq Composite remains below key range support and downtrend resistance. While the past three sessions saw constructive buying—with new buy signals in MACD and On-Balance Volume—the broader picture is largely unchanged, and the index still leans bearish.
Bitcoin has seen little change in its overall setup, but still tilts in favor of the bulls and may offer a trading opportunity. From a technical standpoint, there’s a confirmed buy signal in On-Balance Volume and a potential buy trigger emerging in the MACD.
The Dow Jones Industrial Average has successfully back-tested its breakout and held above the 20-day moving average. The next step is a push toward the 47,000 level. The move is supported by buy signals in both MACD and On-Balance Volume, with the index also outperforming its peers.
Indices that have rallied over the past three sessions are unlikely to extend gains into a fourth, or at least don’t offer attractive long setups. Bitcoin continues to present the most compelling long opportunity. On the short side, there’s limited conviction—though the Nasdaq Composite could provide a setup on a test of the 47K level.
Sources: Declan Fallon
THE ETERNAL SOVEREIGN 
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