Stock Markets Analysis and Opinion

Russell 2000 Set to Continue Higher as Nasdaq, S&P 500 Vulnerable to Profit Taking

2024.02.09 02:27

Declan Fallon

It was an actual non-event for the and , so it was left to the to take up the slack.

The Russell 2000 () posted a stable acquire to preserve the momentum going from its profitable 50-day MA take a look at.

If there was a priority it was that purchasing quantity was a little bit disappointing, though yesterday’s buying and selling registered as accumulation, persevering with a development of weakening quantity because the preliminary sell-off spike.

Technicals for the Russell 2000 are additionally web bearish, regardless of yesterday’s acquire.

IWM-Daily Chart

IWM-Daily Chart

The Nasdaq and S&P 500 each completed flight with slender doji. Technicals are web bullish and the one distinction is that the Nasdaq is barely outperforming the S&P 500.

Market breadth is destructive, so a some level this weak point shall be represented within the markets, however what ought to occur and what occurs are sometimes two various things.

COMPQ-Daily Chart

COMPQ-Daily Chart

Today, I’d be searching for the Russell 2000 to proceed its advance which might additionally mark a big enchancment for the weekly candlestick.

If there may be any revenue taking within the Nasdaq and S&P 500 I’d be searching for the Russell 2000 to profit, or at the least, not endure as a lot.

SPX-Daily Chart

SPX-Daily Chart

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