Nasdaq Remains a Bright Spot While Russell 2000 Bulls Regroup
2024.12.10 02:43
Bears ultimately won out, but it was not Semiconductors that suffered, but the () instead. I had talked about the as the bullish play for yesterday, but in the end, it couldn’t deliver.
However, despite yesterday’s loss, it didn’t undercut 20-day MA support, although the ‘sell’ trigger in the MACD expanded, as did the index’s underperformance relative to the Nasdaq. Because support held, there will be a second chance for bulls today.
Large Caps took the brunt of yesterday’s selling, opening up 20-day MAs the next support test. And in the case of the , this could be today. Note the ‘sell’ triggers in the MACD and On-Balance-Volume to go with the underperformance relative to the .
For the record, this will take a little longer for the . And for now, technicals are net bullish.
The was quiet, but given weakness elsewhere this was probably bullish. Selling volume did not rank as distribution. Technicals are net bullish and show no signs of weakness.
For today, repeat what I said yesterday: Russell 2000 ($IWM) for bulls. Semiconductor Index (/) for bears.
