Tuesday, July 21, 2020

S&P Edging a Breakout?

The S&P made a small gain but it may have been enough to register it as a breakout. Volume was light but the sentiment was not. The gain was enough to return a relative performance advantage against the Russell 2000

The Nasdaq had the better of the action as it made a push towards new highs. The index is working off channel support but has plenty of room before it gets to channel resistance.

The Russell 2000 still has to make its breakout but it remains well placed to follow the lead of the S&P

A positive start to the week has kept bullish momentum intact with Tech stocks enjoying the best of the momentum and therefore opportunities for traders.  Breakout traders have the S&P edging from resistance while the Russell 2000 remains well placed to follow suit. 

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

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