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asambila joel
Jan 19, 2023 9:56PM ET
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Dow Poised to Break Out as Russell 2000, S&P 500 and Nasdaq Gain Ground
www.investing.com/analysis/dow-poised-to-breakout-as-russell-2000-sp-500-and-nasdaq-gain-ground-200634369
Dow Poised to Break Out as Russell 2000, S&P 500 and Nasdaq Gain Ground
By Declan Fallon | Jan 16, 2023 03:00AM ET Markets edged towards a breakout in another day of buying. Buying volume was down on Thursday, but indexes are only a day or two away from significant breakouts.
The Russell 2000 (IWM) made strong gains in relative performance since the middle of December and ticked nicely higher on Friday. The target breakout price is $188.70, although we should expect some pause at this price as the rally has gone six days without any giveback.
IWM Daily Chart
The Dow Jones looked ready to break out on Friday, but it didn't quite get there. Technicals are net positive - although the index continues to underperform the Technology. Monday would be a good time to see it happen.
INDU Daily Chart
It's still a bit of a slow burn for the Nasdaq 100 and S&P 500. The Nasdaq has managed to get itself above its 50-day MA but remains far from challenging its 200-day MA. Technicals are net positive, and the index is outperforming large-cap indexes.
COMPQ Daily Chart
The S&P will need a few more days (or weeks) before it can challenge December highs, but it did manage to close above its 200-day MA.
The sharp underperformance against the Russell 2000 is the concern - at least for this index (not so for the Russell 2000). I would rate this as the accumulator index, with traders focusing on the Dow or Russell.
SPX Daily Chart
Breakout traders will keep the focus on the Dow Jones Industrial Average, but the real winner could be the Russell 2000 (IWM).
I would be happier to see gains in the Russell 2000 as it would mark a return to more speculative investing. Overall, technicals are much improved, leaving bears with much to do if they are to break this.
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Dow Poised to Break Out as Russell 2000, S&P 500 and Nasdaq Gain Ground
Comments (9)
Bulls Fart Fisted
Jan 16, 2023 8:56PM ET
Get a load of this guy. Joodar going off!
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Dweeptaru Das
Jan 16, 2023 8:47PM ET
while Mr. Michael mostly thinks -ve, u think +ve perhaps because, at the end the market is programmed to move up and up and up amidst some downfall at times
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Peter Chau
Jan 16, 2023 7:03PM ET
Saturn is moving on Jan 17 - whatever the market reacts on 17 ( tomorrow) will drive the same direction for next two and half year . BTC will break record within next two years .
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Vu Truong
Jan 16, 2023 7:03PM ET
Are you high bro?
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Bill Riley
Jan 16, 2023 9:50AM ET
12 month lag before interest rate hikes hit businesses. consumers are buying their food on credit. expect the S&P to bottom around 2000 by April or May.
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Kris Jay
Jan 16, 2023 9:50AM ET
200 x 15 = 3000. won't go to 2000
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Jake Breaks
Jan 16, 2023 9:50AM ET
no way we even see close to 2000 without intervention..
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Peter ONeill
Jan 16, 2023 7:11AM ET
Bears do not need to do much to 'break this'. Market is acting like inflation will fall non stop / Fed will ease due to low inflation and the world is rosy. Energy and wages have only been restrained not due to strong supply but due to recession worries - one wiff that no recession in 2023 and both will rise again forcing the Fed to act. Some shares are looking ok but others are still at very high PE levels and 1 quarter miss or bad outlook for and of the megacaps would bring the whole stack of cards down. Plus the Debt Ceiling is going to be hit by June 2023 with over $31.5 TRILLION in debt - again one wiff that Republicans refusing to neg and stocks will tumble. Then add in Russia / China and global recessions in 30%+
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Everoy Scarlett
Jan 16, 2023 7:11AM ET
well said,you touch on some very important points here in this article to watch out for in 2023 as nothing is stable or will ever be fully green,alot of risk.
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Bolseiro Bilbo
Jan 16, 2023 6:31AM ET
when it's 1 year of war in ukraine we will see the biggest selloff of the year.
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Guidothekiller pimp
Jan 16, 2023 5:59AM ET
Isn't the Dow closed Monday except for the futures?
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Larry Li
Jan 16, 2023 4:30AM ET
Useless
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