50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Russell 2000 Remains Bullish; S&P 500, Nasdaq Bulls Look to Defend Breakout Gap

Published 02/29/2024, 12:31 PM
US500
-
US2000
-
IWM
-
IXIC
-

Up to now, the Russell 2000 IWM had been doing most of the running, marked by the relative performance gains of this index against the S&P 500 and Nasdaq, but yesterday was the first stall in this rally.

Technicals for the Russell 2000 are net positive and remain so despite yesterday's loss. The index is well set up for a breakout next week - I wouldn't be too concerned with yesterday's action.

IWM-Daily Chart

The Nasdaq is defending the substantial breakout gap from last week and will soon have the 20-day MA to lean on as part of this defense.

There are active 'sell' triggers in the MACD and On-Balance-Volume to work off, but other technicals are positive.

COMPQ-Daily Chart

The S&P 500 also has a breakout gap to defend with a similar technical picture as the Nasdaq, although On-Balance-Volume is still on a 'buy' trigger.

And as with the Nasdaq, I will be looking to the 20-day MA to play an active supporting role.

SPX-Daily Chart

There isn't a whole lot to add, other than markets remain near all-time highs and it will only take one good day to consume the losses of the last few days.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.