I obtained burned badly on my day commerce expectations for Friday, nevertheless it was one other strong end-of-week for market bulls.
For the , this meant additional features in relative efficiency over the () on overbought stochastics.
The took a barely longer route to banking its weekly acquire, experiencing a weekly intraday spike low.
The Nasdaq is outperforming the S&P 500 (outperforming the Russell 2000) and like the S&P 500, it enjoys strong technical power.
I had anticipated extra from the Russell 2000 ($IWM) nevertheless it spent one other week experiencing additional indecisiveness, closing with a “spinning top”.
However, the end-of-week end is shut sufficient to $195 assist to contemplate assist as holding.
Technicals are a bit extra combined with On-Balance-Volume switching to a ‘promote’ set off as the index underperforms relative to peer indexes.
As a closing observe, one index performing nicely is the . It has defended its 20-day MA with appreciable ease since October and will have sufficient momentum to return to a problem of its January excessive at 4,566.
For the coming week, we might even see a slowdown in the weekly advance, however bulls have the edge.
The post-COVID hangover bear market is close to an finish, however it could be a case of three steps ahead, and two steps again.