Week Review: Large Caps Gain And Nasdaq Joins Along For The Ride

The S&P kept things moving along with a new closing high for the week. Volume was a little disappointing, but technicals are all bullish. 

The Nasdaq was able to pull away from its base in a move ready to challenge its February swing high. Volume was also light, but it enjoys the benefits of net bullish technicals and relative outperformance to the S&P.

The Russell 2000 had a quiet Friday but remains above its 50-day MA and ready to challenge the 'bull trap'. Technicals are mixed and relative performance continues to fall - suggesting lower prices are still on the cards, although price action suggests the next move will be higher. 

Volume may be easing up but with the Tech and Small Cap indices working through consolidations - as Large Caps lead - suggests there is still some fight in the old dog. There is little reason to short or sell, so supply is tight (hence the low volume); should buyers decide to get active, then look for rising volume to drive base breakouts in the former indices. 

Disclaimer: Investors should not act on any information in this article without obtaining specific advice from their financial advisors and should not rely on information herein as the primary basis ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.