Resistance Test Due This Week for S&P as Semiconductors Prime For Breakout
We have the Russell 2000 caught in a long term trading range, and despite registering a gain it hasn't changed the larger picture in favor of either bulls or bears. The only index at a point of inflection is the S&P. After breaking below the bearish wedge it now finds itself rallying back to former support turned resistance. There are flickers of good news; intermediate stochastics returned above the bullish mid-line and Friday's close finished above the 50-day MA.