Sunday, December 01, 2019

Russell 2000 consolidates with other Indices

It was a rare Thanksgiving Friday which didn't see indices close higher as has often been the case in recent years. However, there was no significant damage done to indices by Friday's half-day selling as junior traders ruled the roost.

The Russell 2000 suffered minor losses but remained well inside the rising channel on bullish technicals.


S&P losses left it a little closer to channel support, but there is still a few days worth of losses left before such a challenge emerges.


The Nasdaq is in an upward channel bound by bullish technicals. Again, minor losses don't break the trend.


While the Nasdaq experienced minor losses, the Percentage of Nasdaq Stocks above the 50-day MA broke to new swing highs, taking out the September and November highs in the process. Technicals are all bullish. With bullish breadth metrics, the parent Nasdaq is well placed to benefit.


It may be a slow Monday (particularly if weather has a part to play), but bulls have the momentum to fuel a Santa rally into 2020.


You've now read my opinion, next read Douglas' blog.

Share on StockTwits

---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.

Follow Me on Twitter


Investments are held in a pension fund on a buy-and-hold strategy.
.
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c