NASDAQ And S&P 500 Break Out

www.investing.com/analysis/nasdaq-and-sp-500-break-out-200571418

By Declan Fallon | Apr 06, 2021 12:24AM ET

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On Monday, gains for indices were enough to drive new swing high breakouts. There wasn't a whole lot of volume following the Easter holiday, but the intention was clear.

The NASDAQ managed a new closing high which cleared both the late February and March swing highs on the back of a bullish cross in momentum stochastics, and a continued improvement in relative performance to Small Caps.

COMPQ Daily Chart

The S&P also cleared trendline resistance in an acceleration of the bullish trend. There was a bullish cross in On-Balance-Volume to support the ADX and MACD. Momentum is overbought, but not in a way to suggest a stop is in place.

SPX Daily Chart

The Russell 2000 (via IWM) was more low key. While it posted a gain it wasn't able to challenge any major price resistance, although there was a bullish cross in stochastic and an acceleration in On-Balance-Volume.

IWM Daily Chart

In terms of the movers-and-shakers, we have a Semiconductor Index which cleared the February swing high with technicals net bullish and relative performance also at a new swing high. This strength should help the NASDAQ and NASDAQ 100.

SOX Daily Chart

The rotation away from Small Caps continues, with Large Caps (and Tech, to a lesser degree) benefitting. Large Caps have been steadily improving, but Tech has been in consolidation mode for a couple of months now, and this will likely lead to a more bullish outcome in the latter part of this year.

Small Caps still have plenty of mean reversion to do, but they remain well above their 200-day MA; in fact, the index is still above the 95% of historic bullish action relative to its 200-day MA going back to 1987; plenty of profits still to take here...

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Blue White Apr 06, 2021 12:46AM ET

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US 30	33,700.8	-298.2	-0.88%
US 500	4,226.2	-57.5	-1.34%
Dow Jones	33,706.74	-292.30	-0.86%
S&P 500	4,228.48	-55.26	-1.29%
Nasdaq	12,705.21	-260.13	-2.01%
S&P 500 VIX	20.60	+1.04	+5.32%
Dollar Index	108.015	+0.600	+0.56%

Crude Oil WTI	89.97	-0.53	-0.59%
Brent Oil	96.09	-0.50	-0.52%
Natural Gas	9.280	+0.092	+1.00%
Gold	1,760.30	-10.90	-0.62%
Silver	18.965	-0.499	-2.56%
Copper	3.6697	+0.0382	+1.05%
US Soybeans	1,406.25	+1.00	+0.07%

SPDR S&P 500	422.14	-5.75	-1.34%
iShares Russell 2000	194.65	-4.27	-2.15%
Invesco QQQ Trust	322.86	-6.42	-1.95%
Direxion Daily Junior Gold Miners Bull 2X Shares	31.10	-2.05	-6.18%
iShares Silver	17.55	-0.49	-2.72%
ProShares Ultra VIX Short-Term Futures	9.37	+0.62	+7.09%
ProShares UltraPro QQQ	35.35	-2.20	-5.86%

Apple	171.55	-2.60	-1.49%
Alphabet A	117.21	-2.96	-2.46%
Tesla	890.00	-18.61	-2.05%
Amazon.com	138.23	-4.07	-2.86%
Netflix	241.16	-4.01	-1.64%
Meta Platforms	167.96	-6.70	-3.84%
Bank of America	35.48	-0.80	-2.21%

NASDAQ And S&P 500 Break Out

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