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Powerful Rally. New Highs On The Way?

ByDeclan Fallon
Published 10/29/2014, 12:29 AM
Updated 07/09/2023, 06:31 AM

It was an excellent day for bulls yesterday, particularly for the Russell 2000. In the case of the latter index, the Small Caps Index broke declining resistance and 200-day MA in an almost a 3% gain. There was also an uptick in relative performance of the Russell 2000 against the NASDAQ and S&P 500.  This is well placed to continue into a test of the June high (with the September high next).

RUT Daily 
The S&P is fast approaching the September high, but is first up against 1,987 resistance. Technicals are net bullish, and it has the advantage of a tail wind to drive it higher.  However, it is losing relative ground against the Russell 2000.
SPX Daily 
The NASDAQ is fast approaching the recent high. It has cleared all prior resistance with only the highs left. Since October, it has also enjoyed a strong relative gain against the S&P. A consolidation would be welcome, but not necessary.
COMPQ Daily 
The NASDAQ 100 is running ahead of the NASDAQ, and is likely to be the first of the indices to make a new high.
NDX Daily 
Markets are due for a decent correction, but it's not necessary for it to start today. Having said that, it's hard to be a buyer or seller. Bulls will lean on the NASDAQ 100. Bears will be looking at rejections of all-time high tests.

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