Weekly Market Commentary: Rally Continues
Nasdaq
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The Nasdaq 100 put further distance on 2,217 support as the breakout matures. The health of this index is good news for the Nasdaq.
($NDX)
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The Nasdaq Bullish Percents continues to inch higher but is not yet overbought (=> more gains to come for the Nasdaq)
($BPCOMPQ)
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While the Percentage of Nasdaq Stocks Above the 50-day MA is moving towards a slower bearish divergence; which means there is more room to run higher until resistance is reached.
($NAA50R)
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Even the Nasdaq Summation Index is suggesting a new (higher) resistance level to work with.
($NASI)
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Small Caps have cleared 760 and are looking upwards towards 850-855.
($RUT)
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While the S&P has in its sights the mini-reaction high in 2008 above 1,300.
($SPX)
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So watch for the Nasdaq to follow the Nasdaq 100 higher, helped by strengthening Nasdaq breadth. Tech gains will help drag up the S&P and maybe even the Russell 2000 too.
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