Markets push gains with the Russell 2000 slowly working through its base
It has been a positive last couple of weeks for markets. The S&P and Nasdaq have had it relatively easy with 20-day MAs providing able support. Friday's gains managed a fresh 'buy' signal for the S&P, returning all of its technicals to a net positive state. Next up is resistance at 4,550.
The Nasdaq is also well placed to continue its rally as it holds above 13,000 support. Next up is resistance at 14,650 on the weekly, that gives breakout traders of the current 13,850 high a good target to aim for. The only downside is the MACD remains on a 'sell' trigger, but its next 'buy' signal will be a good one.
The Russell 2000 managed a solid recovery after its attempted test of breakout support at $178. Like the Nasdaq, it hasn't yet triggered a new 'buy' signal, but its larger challenge is resistance of $198 on the weekly time frame.
With the shortened week in play I won't be expecting too much change into Friday, but the outlook for the rest of the summer should be positive.
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Investments are held in a pension fund on a buy-and-hold strategy.
