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Relief Rallies Now At A Crawl, But Russell 2000 Net Bullish

By Declan FallonStock MarketsMay 31, 2021 12:10AM ET
www.investing.com/analysis/relief-rallies-now-at-a-crawl-but-russell-2000-net-bullish-200583273
Relief Rallies Now At A Crawl, But Russell 2000 Net Bullish
By Declan Fallon   |  May 31, 2021 12:10AM ET
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The bounce is struggling to attract buyers with Friday's close registering as a small gain with low volume.  

In the case of the NASDAQ, the measured move lower would deliver a tag of the 200-day MA, making it an attractive forecast. Technicals are mixed with 'buys' for the MACD and Stochastics, offset by relative performance shifting back in favor of Small Caps.

COMPQ Daily Chart
COMPQ Daily Chart

The S&P is also limping higher, but is close enough to all-time highs such that one strong day would return the index to new highs.  Technicals are net bullish, although Large Caps are underperforming relative to Small Caps.

SPX Daily Chart
SPX Daily Chart

Of the Russell 2000 (via (NYSE:IWM), the index did manage to get past converged 20-day and 50-day MAs, but it has yet to clear the consolidation. However, technicals for the Russell 2000 are net bullish, and it's enjoying a relative performance advantage to peer indices. All it has left to do is challenge its March 'bull trap,' but it's still range bound—and range action remains dominant for now, but I like what I see (for bulls).

IWM Daily Chart
IWM Daily Chart

All eyes should be on the Russell 2000 for next week as there was little going on for other indices, and it looks to hold the key as to what will happen next. 

Relief Rallies Now At A Crawl, But Russell 2000 Net Bullish
 

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Relief Rallies Now At A Crawl, But Russell 2000 Net Bullish

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