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Russell 2000 Breaks Out, S&P 500 Lags

Published 04/16/2015, 12:13 AM

Yesterday there was no surprise to see a breakout in the Russell 2000 after the lead-in it enjoyed. The Russell 2000 also enjoys relative leadership against both the Nasdaq and S&P. The current advance is bound by a rising channel, but is also at new all-time highs.

RUT Daily

The NASDAQ pushed to challenge the 'Bull Trap' yesterday, but it hasn't closed above such resistance. Today may offer the opportunity to follow the lead of the Russell.

COMPQ Daily

The S&P is the lagging index, but should the Russell 2000 and NASDAQ add to their gains then they are likely to drag Large Caps along with them.

SPX Daily

The Semiconductor Index is still playing to the bearish wedge, and it's the best chance bears have today.

SOX Daily

For today, bulls should look to the NASDAQ and NASDAQ 100 to drive a comparable breakout as enjoyed in the Russell 2000. Shorts may want to keep an eye on the Semiconductor Index (although weakness in Semis will impinge on Tech indices).

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