Courtesy of Declan.
A good start to the week was kicked off with Small Caps adding nearly 1%. The Russell 2000 hasn’t reached a point of challenging major support or resistance, but today’s action cleared the 20-day MA, and accelerated the relative advance against the S&P. Technicals for the index also shifted net bullish.
The S&P held on to its 50-day MA. Although, the 20-day and 50-day MAs have flat-lined. However, it’s nicely set up for bulls tomorrow.
The Nasdaq is close to a challenge of highs, and has the benefit of net bullish technicals. Like the S&P, it experienced a relatively small gain, but it did register an accumulation day.
The Semiconductor Index also performed, and is close to breaking declining resistance.
Tomorrow is looking favorable for bulls, particularly for the Russell 2000 and Nasdaq. Shorts don’t have much to work with – at least from today’s close.
