Stock Markets Analysis and Opinion

Russell 2000 Blows Out as Dow Industrials Leads Charge – What’s Next?

2024.11.27 04:29

The () had galloped ahead on a week of strong gains, only to gallop too far and balk at the last fence. The big inverse hammer and spike high on Monday reflected the indecision at new all-time highs.

Yesterday was a bit of a pause (in either direction), and while it didn’t trade the volume of yesterday, technicals remain net bullish. What I liked was the lack of follow-through lower on what should have been a powerful reversal candlestick.IWM-Daily Chart

One index I hadn’t mentioned much in recent days was the . And while the Russell 2000 is doing its best to point downwards, the Dow cleared new highs and maintained that form yesterday. We are looking at a solid bull market for the Dow.

Dow Industrial Average-Daily Chart

The bullish response in the Dow should be good news for the . It actually edged a new all-time closing high, but hasn’t really kicked on.

However, we have a big acceleration in the bullish trend in On-Balance-Volume and a new MACD trigger ‘buy’. This is good news for bulls.

SPX-Daily Chart

The is doing its best to keep a lid on action.

I find it hard to believe – given the uptick in volume trading – how it has managed to be so restrained. Technicals still have a MACD trigger ‘sell’ to work off, but this is heading in the right direction.COMPQ-Daily Chart

For today, watch the Russell 2000 ($IWM). It has done well to repel the machinations of sellers, but it’s not out of the woods yet. The Dow Jones Industrial Average has enjoyed steady gains, and if it continues, it should offer a catalyst for the other indices to post gains. If there is a “coiled spring” trade, it’s the . I’m looking for a big move higher, but nobody knows what comes next.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 94,781.39 0.51%
ethereum
Ethereum (ETH) $ 3,390.28 1.29%
tether
Tether (USDT) $ 0.998358 0.05%
xrp
XRP (XRP) $ 2.19 0.91%
bnb
BNB (BNB) $ 727.50 5.01%
solana
Solana (SOL) $ 193.57 3.93%
dogecoin
Dogecoin (DOGE) $ 0.321197 2.30%
usd-coin
USDC (USDC) $ 1.00 0.01%
staked-ether
Lido Staked Ether (STETH) $ 3,388.37 1.29%
cardano
Cardano (ADA) $ 0.883369 0.58%
tron
TRON (TRX) $ 0.256922 1.42%
avalanche-2
Avalanche (AVAX) $ 37.56 0.93%
the-open-network
Toncoin (TON) $ 5.79 0.23%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,022.10 1.11%
chainlink
Chainlink (LINK) $ 21.75 2.64%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 1.39%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,677.37 0.59%
sui
Sui (SUI) $ 4.18 0.41%
hedera-hashgraph
Hedera (HBAR) $ 0.285619 2.22%
polkadot
Polkadot (DOT) $ 7.03 0.67%
stellar
Stellar (XLM) $ 0.352462 0.26%
bitget-token
Bitget Token (BGB) $ 7.44 7.53%
weth
WETH (WETH) $ 3,391.40 1.30%
hyperliquid
Hyperliquid (HYPE) $ 27.86 3.33%
bitcoin-cash
Bitcoin Cash (BCH) $ 446.63 0.09%
leo-token
LEO Token (LEO) $ 9.23 0.72%
uniswap
Uniswap (UNI) $ 13.36 0.28%
pepe
Pepe (PEPE) $ 0.000019 4.33%
litecoin
Litecoin (LTC) $ 100.46 2.34%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,578.60 1.34%
near
NEAR Protocol (NEAR) $ 5.24 1.05%
ethena-usde
Ethena USDe (USDE) $ 0.997184 0.03%
usds
USDS (USDS) $ 0.99992 0.07%
aave
Aave (AAVE) $ 339.69 4.05%
aptos
Aptos (APT) $ 9.11 3.72%
internet-computer
Internet Computer (ICP) $ 10.60 3.16%
mantle
Mantle (MNT) $ 1.21 0.15%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.484293 0.10%
crypto-com-chain
Cronos (CRO) $ 0.149501 0.56%
ethereum-classic
Ethereum Classic (ETC) $ 26.38 0.49%
vechain
VeChain (VET) $ 0.046671 1.13%
render-token
Render (RENDER) $ 7.11 0.18%
monero
Monero (XMR) $ 196.84 2.55%
whitebit
WhiteBIT Coin (WBT) $ 24.75 0.92%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.35 1.65%
mantra-dao
MANTRA (OM) $ 3.71 0.45%
bittensor
Bittensor (TAO) $ 468.14 1.78%
dai
Dai (DAI) $ 1.00 0.02%
okb
OKB (OKB) $ 54.75 6.31%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.28 6.59%