Stock Markets Analysis and Opinion

S&P 500, Nasdaq Bulls in the Driver’s Seat as Russell 2000 Looks to Catch Up

2024.02.05 05:36

Declan Fallon

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.

SPX-Weekly Chart

SPX-Weekly Chart

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.

COMPQ-Weekly Chart

COMPQ-Weekly Chart

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.

IWM-Weekly Chart

IWM-Weekly Chart

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.

SOX-Daily Chart

SOX-Daily Chart

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.

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