Tech Indices Hold Break Out

Yesterday's push above resistance for the Nasdaq was retained on today's tight action.  Technicals are net positive and outperforming the Russell 2000, although trading volume was relatively light. 

The S&P is hovering around its highs without looking like it's going to follow through with a breakout of its own.  Unlike the Nasdaq, supporting technicals are mostly bearish, except for momentum stochastics and a slight outperformance over Small Caps. 

The Russell 2000 finds itself back inside its base as technicals edge bearish.  Small Caps have spent most of 2021 consolidating, so they are well placed to advance.

Tech stocks have been doing most of the heavy lifting in recent days but we are not seeing this strength in other sectors.  It remains to be seen how long this will last, so it may be down to Small Caps to ride shotgun for bulls. 

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.


Popular posts from this blog

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Being "Right" but still losing...

Big bearish engulfing patterns as positive start negated


Show more