Russell 2000 Tries To Breakout
Breakout in Indices haven't fully moved beyond support to classify as sustainable breakout moves, but the Russell 2000 is making the best attempt at it. A series of consecutive small gains across indices has the makings of a breakout, but without the volume and a single powerful trading day it lacks the momentum for it to be sustainable.
Having said that, the Nasdaq is up against channel resistance (former support), although technicals are net positive.
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The Russell 2000 has made the best of the breakout momentum as technicals remain net positive. The index finished nestled against resistance of the June swing high; a break of this point would attract momentum traders, but current volume is light and we are still waiting for a catalyst.
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The S&P cleared resistance and was the first index to register a breakout on positive technicals, but traders are still waiting for the oomph move as volume is lacking
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We have mid level breakouts but they lack punch. Indices need concerted activity from buyers to generate momentum but until then, small gains must do.