S&P 500, Nasdaq Attempt Breakout; Russell 2000 Remains Stuck in Neutral

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S&P 500, Nasdaq Attempt Breakout; Russell 2000 ******** Stuck in Neutral

It was a good day for the and as both made attempts to clear their recent trading ranges. However, neither cleared the spike highs from Friday which continue to look like peaks for their respective rallies, although the Nasdaq has come closest to doing so. Buying volume was well down and the MACD trigger ‘sell’ for each index ******** intact.

The fly in the ointment is the (). It barely moved the needle today as the index remained range-bound. Relative performance has struggled since it ******* to break out in May, but it needs volume.

The is proving to be the odd one out. It posted a decent gain today but is range-bound like the Russell 2000 ($IWM). Unlike the S&P 500 and Nasdaq, technicals are net positive.

For today, look for the Nasdaq to take out last Friday’s top-looking spike high. If it can’t, or gaps are higher and start to fall, then there could be ******* problems. The narrow trading ranges that have played over the last couple of weeks in the S&P 500 and Nasdaq do suggest a more bullish

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, but let’s see what the day brings. The Russell 2000 ******** too noisy to suggest a big gain or loss could offer any directional guidance.

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#Nasdaq #Attempt #Breakout #Russell #******** #Stuck #Neutral

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