Russell 2000 Stages Recover
A much needed boost to Small Caps gave value buyers a shot in the arm as the Russell 2000 gained nearly 2%, returning it above 200-day and 50-day MAs. It was an important recovery which wasn't quite mirrored by peer indices, but such indices are in much better shape.
The S&P stalled its decline while remaining above 20-day and 50-day MAs. Volume was light but action was enough to keep the pressure on a break of highs. With the Russell 2000 improving it will help boost the confidence of Large Cap buyers.
The same could be said for the Nasdaq. It bounced off its 50-day MA with technicals net bullish. There was an improvement in relative performance vs the S&P which will make it the lead index to buy.
Supporting the recovery in the Nasdaq is the Semiconductor Index. The two 'bearish' black candesticks were breached with a push through the 50-day MA.
For tomorrow, we will want to see Large Cap Indices and the Nasdaq return to their challenge of highs, breaking the long standing consolidation.
You've now read my opinion, next read Douglas' blog.
--- 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.
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Investments are held in a pension fund on a buy-and-hold strategy.
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The S&P stalled its decline while remaining above 20-day and 50-day MAs. Volume was light but action was enough to keep the pressure on a break of highs. With the Russell 2000 improving it will help boost the confidence of Large Cap buyers.
The same could be said for the Nasdaq. It bounced off its 50-day MA with technicals net bullish. There was an improvement in relative performance vs the S&P which will make it the lead index to buy.
Supporting the recovery in the Nasdaq is the Semiconductor Index. The two 'bearish' black candesticks were breached with a push through the 50-day MA.
For tomorrow, we will want to see Large Cap Indices and the Nasdaq return to their challenge of highs, breaking the long standing consolidation.
You've now read my opinion, next read Douglas' blog.
--- 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
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