Image Source: Pexels

The headlines will focus on next week's Fed decision, but markets had their own big end-of-week finish. Triple witching options expiration combined with a sell-off during the week, leaving the S&P 500 and Nasdaq in a little trouble.

The S&P 500, having managed to edge past the 50-day MA on Thursday, quickly found itself on the wrong side of the line by Friday's close. While triple witch volume clouded the markets, Friday's selling still likely counts as distribution.

(Click on image to enlarge)

It was more of the same for the Nasdaq as it cut below its 50-day MA on higher volume. There was a MACD trigger 'sell' to go with an On-Balance-Volume 'sell.' Slow stochastics appear to be alright, holding the bullish mid-line, but there is very little room for further weakness in this indicator. There is also an emerging underperformance relative to the S&P 500 that needs to be monitored.

(Click on image to enlarge)

The Russell 2000 (IWM) appears to be lingering around its 200-day MA, experiencing its own confirmed distribution, but without the support break to give it weight. Unlike the aforementioned indices, technicals are net bearish; a bad omen for a support break.

(Click on image to enlarge)

As we head into next week, we will want to see how markets react to the Fed decision rather than the Fed decision itself. If no support breaks, and I'm looking at the Russell 2000 here, it would become a bit of a non-event.

More By This Author:

Successful Test Of 200-Day MA In Russell 2000
Russell 2000 Lingers At 200-Day MA
The S&P And Nasdaq Are Rebuffed At 50-Day Moving Averages, But Russell Has Potential