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NASDAQ Friday Consolidation; Small Caps Ready To Lead

By Declan FallonStock MarketsMay 14, 2018 12:07AM ET
www.investing.com/analysis/friday-consolidation--small-caps-ready-to-lead-200315830
NASDAQ Friday Consolidation; Small Caps Ready To Lead
By Declan Fallon   |  May 14, 2018 12:07AM ET
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Not every day can be a headline day and Friday was one of those days. The only action of note was the breakout in the NASDAQ Summation Index. Technicals aren't fully bullish but the consolidation breakout should help the NASDAQ and NASDAQ 100.

NASI Daily Chart
NASI Daily Chart


The Percentage of NASDAQ Stocks above the 50-day MA and Bullish Percents added to their earlier consolidation breakouts.

NAA50R Daily Chart
NAA50R Daily Chart

BECOMPQ
BECOMPQ


Breadth metrics all suggest there is more to come from Technology stocks but there wasn't much to be said of Friday's action. For the NASDAQ it's a case of ticking off the resistance levels; 7,420 is the next one.

COMPQ Daily Chart
COMPQ Daily Chart


The Semiconductor Index is also challenging its last swing high although it is enjoying good technical strength.

SOX Daily Chart
SOX Daily Chart


The Russell 2000 continued to threaten the all-time high as it puts some distance from its consolidation breakout.

RUT Daily Chart
RUT Daily Chart


It was a similar story from the S&P on Friday; small gains but nothing to suggest any significant follow-through.

SPX Daily Chart
SPX Daily Chart


For today, look to the Russell 2000 to lead out with new all-time highs as Tech averages seek to gain the benefit of improved breadth metrics.

NASDAQ Friday Consolidation; Small Caps Ready To Lead
 
NASDAQ Friday Consolidation; Small Caps Ready To Lead

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