S&P 500, Russell 2000 Bulls in a Great Position to Reassert Dominance This Week

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

S&P 500, Russell 2000 Bulls in a Great Position to Reassert Dominance This Week

Last Friday’s trading session was a bit of a mixed bag. Buyers stepped in at the 50-day MA for the , but they lacked conviction with light trading volume and a net bearish turn in technicals. The likelihood is for a return to the downside for today, particularly if there is premarket drift below the closing price.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

However, there is more of a positive picture in the S&P 500 weekly chart. While it’s no guarantee, the index did finish on a weekly support trendline dating back to the end of 2023. So, even if we see an early week break of support of this trendline, watch for a rally to return the index above this line by Friday.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Russell 2000 Bulls May Regain Control This Week

As has been the case for the last number of weeks, the Russell 2000 ($IWM) was again pressuring $225 resistance on a good day for the index. Friday’s trading closed as a doji, so there is still some trader indecision to overcome before the breakout can be delivered. Relative performance surged as other technicals are net positive.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

The weekly chart for the Russell 2000 ($IWM) was much cleaner. In particular, the large upper spike from the previous week could have generated a ******* of weakness on a reversal, but last week’s action has eaten into that indecision. The weekly buying volume could have been higher, so no confirmed accumulation.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

For today, we are probably looking at some weakness, but as the week wears on, look for bulls to retake control.

The had a more low-key Friday with a narrow intraday range after the earlier break of the 50-day MA during the week. Technicals are net bearish and the index is underperforming both the S&P 500 and ().

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

The weekly Nasdaq chart has more room to run to support. The 50-day MA is running along weekly trendline support (also from late 2023) and looks like a good point for long-term swing traders to *******.data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

This is the hidden content, please

• Sign In
• or
• Sign Up

#Russell #Bulls #Great #Position #Reassert #Dominance #Week

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up