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B B
Nov 21, 2023 2:27AM ET
Excellent analysis as always. Thanks for sharing!
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Excellent Strength Across S&P 500, Russell 2000, Nasdaq Sets Up a Bullish Week
www.investing.com/analysis/excellent-strength-across-sp-500-russell-2000-nasdaq-sets-up-a-bullish-week-200643718
Excellent Strength Across S&P 500, Russell 2000, Nasdaq Sets Up a Bullish Week
By Declan Fallon | Nov 20, 2023 02:14AM ET Last Friday was a good day for indexes as both the S&P 500 and Nasdaq were able to close near the highs of the week, while Thursday's losses in the Russell 2000 (IWM) were reversed by Friday's narrow range day near the previous day's highs.
Indexes are all well-placed to kick on, but it's the Russell 2000 that really needs to do it. The Russell 2000 ($IWM) still has Wednesday's spike high to reverse, but if it's able to generate a daily close that negates this high, it will also register as a close above its 200-day MA - another significant positive.
IWM-Daily Chart
We can see on the weekly chart of the Russell 2000 ($IWM) that the high price touched a convergence of 20-week, 50-week, and 200-week MAs. The technical picture for this time frame is firmly bearish, which is why a good performance into Thanksgiving is critical to getting this index back on track.
IWM-Weekly Chart
The weekly charts for the S&P 500 and Nasdaq do look a lot more healthy. Since the 'bear trap' three weeks ago in the S&P 500, we have had a good bounce off the mid-line of stochastics [39,1] and are on the verge of a new MACD trigger 'buy' to turn technicals net positive.
SPX-Weekly Chart
The Nasdaq sits in a similar predicament to the S&P 500 having also navigated its own 'bear trap', and is ready for a fresh MACD trigger 'buy' above the bullish zero line.
COMPQ-Weekly Chart
With a short trading week, most of the action we want to see will come today, Tuesday, and Wednesday.
Although for the Russell 2000 ($IWM) it will likely take until the end of the year before the weekly chart can be said to be past the worst of it, and plenty can still happen before then.
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Excellent Strength Across S&P 500, Russell 2000, Nasdaq Sets Up a Bullish Week
Comments (5)
Derick Lim
Nov 20, 2023 4:15AM ET
Nvidia earnings result will determine the market direction......
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Wallace Prazeres
Nov 20, 2023 4:15AM ET
Hi, what's up? Where could we see Nvidia expectations/prediction?
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Ko Ko
Nov 20, 2023 4:08AM ET
hi
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Christopher Byers
Nov 20, 2023 3:26AM ET
but all it takes obe second for the Bull Signals to suddenly flash sell. add in every consumer discretionary company cutting holiday revenue bc a (albeit small) recession is coming.
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Knut arne Johansen
Nov 20, 2023 2:34AM ET
im cooling down to day whith Russel and all gambling.good luck buddy
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