Russell 2000 Struggles Below The Radar
On the surface, it looked to be a generally positive day with the Nasdaq gaining and the S&P recovering earlier losses - but the Russell 2000 ($IWM) pushed a clear cut of $228 and is now back inside the prior trading range. The Russell 2000 did find support at its 50-day MA, but beyond a test of the March swing lows there isn't a whole lot of support available. Adding to that, relative performance against the S&P took another step lower - only Stochastics is net positive.
The Nasdaq closed near the day's highs on higher volume accumulation. Technicals are net positive with indicators like the MACD and relative performance vs the S&P managing a new swing high. This could go longer...You've now read my opinion, next read Douglas' blog.
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