Courtesy of Declan Fallon
As for the indices, the Russell 2000 is mounting a fresh challenge on 760 resistance within its rising channel. The story hasn’t changed for the past couple of months, although pressure on resistance has been intensifying – suggesting a run to the former head-and-shoulder neckline c780 is not far off.
The Dow during the week managed to break resistance, but by Friday had finished bang on resistance. While the Dow is not the most inspiring of indices to be leading a bull market rally, it is at least trying…
The S&P hasn’t quite repeated the feat of the Dow.
While the Nasdaq is stuck in no-mans land. Look to the Dow and Russell 2000 for leads in this regard.
The coming week should be the one resistance breaks for both the Dow and Russell 2000. Bulls have the edge, the question is whether they can capitalize on it?
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
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