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Dow Jones Industrials Continue To Charge; S&P 500 At Pivot Point

By Declan FallonStock MarketsMar 15, 2021 01:04AM ET
www.investing.com/analysis/dow-jones-industrials-continue-to-charge-sp-500-at-pivot-point-200567179
Dow Jones Industrials Continue To Charge; S&P 500 At Pivot Point
By Declan Fallon   |  Mar 15, 2021 01:04AM ET
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The last couple of days have seen the Dow Industrials Average grab my interest as it continues to ascend beyond channel resistance to new all-time highs. Technicals are all net bullish with the index sharply outperforming the NASDAQ 100; only volume disappoints (a little).

INDU Daily Chart
INDU Daily Chart

The Russell 2000 (via IWM) has also made it to new all-time highs with technicals suitably bullish. Like the Dow Industrials Average, this is an index seeing falling volume at new highs—which isn't great—but price is the lead. 

IWM Daily Chart
IWM Daily Chart

The NASDAQ rebounded off its 20-day MA in modest action. Technicals are still net negative as it remains some way off its highs. 

COMPQ Daily Chart
COMPQ Daily Chart

The S&P is up against resistance in a possible double top, but as the Dow Jones Industrial Average has handily pushed beyond its last swing high, the expectation would be for the S&P to follow suit to new highs. I have marked it as a possible top at resistance, but today has its opportunities.

SPX Daily Chart
SPX Daily Chart

For today, the S&P sits at a pivot between a breakout or a potential double top. With Large Caps favoring a breakout and the Russell 2000 pushing new highs, the likelihood of the S&P heading higher is the more probable outcome.

Dow Jones Industrials Continue To Charge; S&P 500 At Pivot Point
 

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Dow Jones Industrials Continue To Charge; S&P 500 At Pivot Point

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apostolos sideris
apostolos sideris Mar 15, 2021 1:46AM ET
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what about the macd divergence?
 
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