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A good day for markets left the S&P 500, Dow Jones Industrial Average, Nasdaq 100, and Russell 2000 in a state of net bullish technical strength.
This development appear to be the start of an intermediate- (or longer) term rally — led by the Dow Jones Industrial Average.
I don't usually cover the Dow Jones Index. Still, it is set up to break out with a solid cup-and-handle pattern above all lead moving averages after a modest (but confirmed) accumulation day.
The index could barely do more. The only spoiler was the relative underperformance against the Nasdaq 100, but price action will always lead.
With the Dow Jones leading, it's hard to see the S&P 500 struggling. The index is bumping up against the 200-day MA resistance, but like the aforementioned index, it registered as an accumulation day.
Relative performance against the Russell 2000 is nose-diving, but as previously mentioned, price action is more important. The index has moved beyond the Christmas consolidation, which is a positive.
The Nasdaq is lagging behind peer indices as it scrambles off its lows. It's some way from its 200-day MA, having just regained its 50-day MA.
The positive is the relative outperformance versus the S&P 500, but I would stick to the Large Cap indices for now.
The other strong performer on the day was the Russell 2000 (IWM). It has surged past its 200-day MA and is on its way to cracking through the November high.
There was a marked increase in buying volume, and it's the lead index in relative performance. The Russell 2000 could be the sleeper hit for the year.
Today was a good marker for the overall market. Bears will have plenty to say, but today's action indicated a rally could be around the corner.
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