Nasdaq on Verge of Big Breakout
2023.05.09 03:24
The setup is done, there is only one thing left for the to do, and that’s breakout. We haven’t yet got the MACD ‘buy’ trigger, this will come on the push above 12,250. On-Balance-Volume improved on today’s action but hasn’t yet switched to a ‘buy.’
Other technicals are good. We were in a similar position this time last week before markets drifted back. It’s hard to see this happening again, but tomorrow will ultimately decide.
COMPQ Daily Chart
The isn’t as bullish a setup as last Monday. Today’s neutral doji at the top of yesterday’s range is a positive, but there are at least 2-3 days of trading required before we can expect a challenge of resistance – and much of this would be contingent on a Nasdaq breakout.
SPX Daily Chart
Bears will be watching how the ($IWM) reacts. Whereas today was neutral to bullish for the Nasdaq and S&P 500, it was bearish for the Russell 2000. There is plenty of bearish pressure on the index, with declining 50-day MA perhaps the most pressing.
IWM Daily Chart
The other bearish market is the . It did manage to close higher, but not high enough to challenge resistance, but enough to see a fresh MACD trigger ‘buy’. The index is sort of hanging in the balance and could go either way.
SOX Daily Chart
