No major changes in the technical posture of the indexes to report today with the large caps (SPY & QQQ) as well as the majority of the market-leading FAAMG stocks still trading above the 60-minute trendlines/support levels. IWM bounced off the 137.33 support level & highlighted in the post earlier today (first chart below) & closed the session slightly below the 139.89 entry price/resistance level with the next sell signal still pending a solid break & 60-minute close below 137.33.
IWM 60m May 29th
IWM 60m 2 May 29th
Likewise, the 1379 support level on /RTY (Russell 2000 Small-Cap Index futures) was successfully defended on several intra-period (60-minute) dips below with the 60-minute candles closing back on or above it, ultimately followed by a late-session bounce off support into the close as positions were squared away in the final hour of the last trading day of the month. As with IWM, a break below today’s lows (support) will likely spark the next wave of selling. Previous & updated 60-minute charts below.
RTY 60m May 29th
RTY 60m 2 May 29th