Russell 2000 Makes Support Test

Rallies continued for indices with the exception of the Russell 2000, which made a support test of the breakout level. The Russell 2000 support test is helped by the proximity of the 20-day MA, although it's on the verge of a MACD trigger 'sell'.

The S&P had a small bullish engulfing pattern, but in the absence of oversold conditions it's not a strong a bullish candle. However, the index did make a relative gain against the Russell 2000 which is not so helpful.

The Nasdaq was down a little, but supporting technicals remain in good shape.

The Semiconductor Index is shaping a 'bull flag' on the back of strong technical strength. The index is well above key moving averages but is not showing any signs of slowdown. Again, this is bullish for the Nasdaq and Nasdaq 100.

So far, so good.


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

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