Russell 2000 Nears Key Resistance in Catch-Up Trade with S&P 500, Nasdaq 100

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Russell 2000 Nears Key Resistance in Catch-Up Trade with S&P 500, Nasdaq 100

The () is ready to follow the and , both of which have breached March swing highs, and are on course to challenge all-time highs. Friday’s action was particularly positive and is backed by strong technicals. The next overhead target is the 200-day MA; measure risk-reward from the Thursday swing low.

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The S&P 500 is always ready in a ’dead-mans’ zone, having cleared its 200-day MA, leaving only all-time highs to challenge. Technicals are net positive with On-Balance-Volume and the MACD particularly strong, eventhough the index is underperforming the .

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The Nasdaq is similar to the S&P 500 in pushing towards all-time highs. It`s caught between the support of its 200-day MA and February resistance.

However, it’s outperforming peer indices and is the index most likely to break new highs as part of the current rally.

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Nasdaq breadth metrics have rallied sharply off deep oversold lows, washing out the weak hands, and leaving the index nicely primed to make new all-time highs.

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Also bullish for markets is the (contrarian) low consumer confidence as measured by the University of Michigan . It has reached levels below those of the credit crisis in 2008.

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On a more bearish front, the reverse from a yield inversion in the may yet prelude a market top as it did in 2007 (one that emerged off a more subtle yield inversion).

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Although it could prove to be a ***** time for commodities, watch for a break in the bullish wedge of the Pring Inflation:Deflation ratio.

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As with the good weather forecast for Ireland this week, we need to stick with the positivity and look for continued higher prices. Markets have escaped from the clutches of ****** caused by Trump’s tariffs, but are not out of the woods for as long as he is President. Without understanding what he will do next, markets are left dealing only with what is known, and for now, that means higher prices.

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#Russell #Nears #Key #Resistance #CatchUp #Trade #Nasdaq

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