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Russell 2000 Set Up For Breakout

By Declan FallonStock MarketsJun 14, 2021 01:31AM ET
www.investing.com/analysis/russell-2000-set-up-for-breakout-200585874
Russell 2000 Set Up For Breakout
By Declan Fallon   |  Jun 14, 2021 01:31AM ET
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Friday didn't offer a whole lot for Large Caps or Tech Indices; volume was down and the net position for the indices was unchanged.  The NASDAQ was caught below internal base resistance (anchored by the March swing lows).

COMPQ Daily Chart
COMPQ Daily Chart

The S&P had already edged a breakout, but it wasn't able to add to it gains on Friday.

SPX Daily Chart
SPX Daily Chart

The Russell 2000 had perhaps the best of Friday's action as it recovered some of Thursday's losses. It was nicely positioned to challenge $233.74 (IWM) with the index ticking up relative to the NASDAQ.

IWM Daily Chart
IWM Daily Chart

The only bearish index to watch is the Dow Jones Industrial Average. The two gravestone doji as a double top are still in play.  A loss of 33,600 will confirm, but a loss of the rising support line would likely be enough to create a short play—note, the accelerating loss in relative performance (to the NASDAQ 100). 

INDU Daily Chart
INDU Daily Chart

So, we have a potential bullish play in the Russell 2000, and a bearish one in the Dow Jones Industrial.

Russell 2000 Set Up For Breakout
 

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Russell 2000 Set Up For Breakout

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Comments (2)
Andrew Bevan
Andrew Bevan Jun 14, 2021 4:00AM ET
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Out of all your brilliant and to the point articles, this one left me slightly confused. Although I believe your opinion remains that the Nasdaq still is ready for that prompt 8-10% correction.
Mehmet Dutlu
Mehmet Dutlu Jun 14, 2021 2:32AM ET
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which should arise caution
omori EZE
omori EZE Jun 14, 2021 2:32AM ET
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hello
 
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