The past couple of days have been good for the Russell 2000. There is a bit of upside momentum in addition to an acceleration in relative performance against market-leading Nasdaq. All supporting technicals are positive, including a fresh MACD 'buy' trigger today. It's a good time for Small Caps.
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The S&P is another index trying to break resistance and emerge from its ascending bullish triangle. It had looked like it was going to lead out the Russell 2000, but with a relative performance shift in favor of Small Caps it may have to wait. Core technicals are all bullish, including a strong accumulation trend.
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The Nasdaq had a low key day. It finished the day with a small doji in the middle of its rising channel. There was a weak MACD trigger 'sell' - weak as the metric has effectively flatlined, making whipsaw signals a real concern.
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Going forward, the S&P and Russell 2000 are ready to break through resistance over the coming days - they just need another day's worth of buying to attract momentum traders back into the market.
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