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NASDAQ Gains Knock Out Aggressive Shorts

By Declan FallonStock MarketsOct 19, 2021 12:36AM ET
www.investing.com/analysis/nasdaq-gains-knock-out-aggressive-shorts-200605459
NASDAQ Gains Knock Out Aggressive Shorts
By Declan Fallon   |  Oct 19, 2021 12:36AM ET
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If there was a short play on the move to test former support  turned resistance for the NASDAQ, then it was quickly undone by Monday's buying.  Trading volume in the NASDAQ was not particularly heavy, so while it was positive it didn't count as confirmed accumulation. However, there was a return to net bullish technicals, putting an end to the decline begun in September.

COMPQ Daily Chart
COMPQ Daily Chart

The S&P added to Friday's gain and also in the process turned net positive in technicals. The August high remains the initial target for the rally. 

SPX Daily Chart
SPX Daily Chart

The Russell 2000 (via IWM) remains above its 200-day MA as successive rallies look to challenge 228 (IWM). Technicals are slightly positive, but only On-Balance-Volume is on a net 'sell' trigger.  The index is underperforming relative to the NASDAQ.

IWM Daily Chart
IWM Daily Chart

Large Caps and Tech indices continue to strengthen, steadily removing the barriers preventing a return to new all-time highs. Look for some consolidation when August/September peak highs are challenged.  Meanwhile, the Russell 2000 continues to (not) do its own thing. 

NASDAQ Gains Knock Out Aggressive Shorts
 

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NASDAQ Gains Knock Out Aggressive Shorts

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Pedro Schroder
Pedro Schroder Oct 19, 2021 7:09AM ET
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Good morning mister Declan, thank you once more, have a nice day!!
 
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