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Large Caps Gain; NASDAQ Joins The Ride Higher

By Declan FallonStock MarketsApr 12, 2021 12:38AM ET
www.investing.com/analysis/large-caps-gain-nasdaq-joins-the-ride-higher-200572446
Large Caps Gain; NASDAQ Joins The Ride Higher
By Declan Fallon   |  Apr 12, 2021 12:38AM ET
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The S&P 500 kept things moving along on Friday with a new closing high for the week. Volume was a little disappointing, but technicals are all bullish. 

SPX Daily Chart
SPX Daily Chart

The NASDAQ was able to pull away from its base in a move ready to challenge its February swing high. Volume was also light, but it enjoys the benefits of net bullish technicals and relative outperformance to the S&P.

COMPQ Daily Chart
COMPQ Daily Chart

The Russell 2000 (via IWM) had a quiet Friday but remains above its 50-day MA and ready to challenge the 'bull trap.'  Technicals are mixed and relative performance continues to fall—suggesting lower prices are still in the cards, although price action suggests the next move will be higher.

IWM Daily Chart
IWM Daily Chart

Volume may be easing up but with the Tech and Small Cap indices working through consolidations—as Large Caps lead—that suggests there is still some fight in the old dog. There is little reason to short or sell, so supply is tight (hence the low volume); should buyers decide to get active, then look for rising volume to drive base breakouts in the former indices. 

Large Caps Gain; NASDAQ Joins The Ride Higher
 

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Large Caps Gain; NASDAQ Joins The Ride Higher

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Tech Support
Tech Support Apr 12, 2021 1:58AM ET
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