S&P 400 Mid Cap Index ($MID) in a Trading Range

The S&P 400 Mid Cap Index ($MID) has been in a 6-session trading range with Monday’s high reaching 1,908. Near-term and lower resistance at 1,900-1,925 was cleared and held with a close above the latter and the 50-day moving average being a more bullish signal for higher highs.

Near-term support is at 1,875-1,850 and the 200-day moving average. A close below the 1,850 level would be a bearish development with risk towards 1,825-1,800 and late May lows.

RSI has been flatlining with resistance at 55. A move above this level would signal additional strength with upside potential towards 60-65 and the latter representing the April high. Support is at 50-45 with a move below the latter signaling additional weakness.

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