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S&P 500 Steady but Nasdaq Breadth Weakness a Worry; Russell 2000 Tests Key Support

By Declan FallonStock MarketsFeb 07, 2024 15:22

ph.investing.com/analysis/sp-500-steady-but-nasdaq-breadth-weakness-a-worry-russell-2000-tests-key-support-192438

S&P 500 Steady but Nasdaq Breadth Weakness a Worry; Russell 2000 Tests Key Support

By Declan Fallon | Feb 07, 2024 15:22

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A bit of a non-event for the S&P 500 and Nasdaq as both indexes closed with tight doji near their highs. There isn't a whole lot more to add for these indexes.

COMPQ-Daily Chart

COMPQ-Daily Chart

SPX-Daily Chart

SPX-Daily Chart

The Russell 2000 (IWM managed to deliver a little more upside with a successful test of its 50-day MA. However, the volume was well down on what I would like to see for a successful support test.

IWM-Daily Chart

IWM-Daily Chart

I follow J.C. Parets and he has noted the breadth weakness in this rally.

This is apparent in the Percentage of (Nasdaq) Stocks above the 50-day MA, 200-day MA, Bullish Percents Index, and Summation Index, all of which are showing a bearish divergence.

NASI-Daily Chart

NASI-Daily Chart

Given the breadth picture (in the Nasdaq), the expectation is that tight trading will eventually give way to selling, or catch bulls off guard with a 'bull trap'. I would expect this selling to spill across indexes, but let's see what the market brings.

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