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Russell 2000 Tests Support; NASDAQ Slips But Technicals Still Bullish

Published 11/14/2019, 12:27 AM
Updated 07/09/2023, 06:31 AM
NDX
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US500
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US2000
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IWM
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IXIC
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SOX
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Rallies continued for indices yesterday, with the exception of the Russell 2000 (via iShares Russell 2000 (NYSE:IWM)), which made a support test of the breakout level. The Russell 2000 support test is helped by the proximity of the 20-day MA, although it's on the verge of a MACD trigger 'sell'.

IWM Daily Chart

The S&P 500 had a small bullish engulfing pattern, but in the absence of oversold conditions it's not a strong a bullish candle. However, the index did make a relative gain against the Russell 2000 which is not so helpful.

SPX Daily Chart

The NASDAQ was down a little, but supporting technicals remain in good shape.

COMPQ Daily Chart

The Semiconductor Index is shaping a 'bull flag' on the back of strong technical strength. The index is well above key moving averages but is not showing any signs of slowdown. Again, this is bullish for the NASDAQ and NASDAQ 100.

SOX Daily Chart

So far, so good.

Latest comments

I think rallies have cooled down now. Correction has started
I think one last push higher before that.
Most chart indicators could also be interpreted as failing rising wedges, overbought conditions and negative divergence. All extremely bearish through Dec 10.
 here is a chart that shows risk-on sentiments up to 10 Dec :) . I have been updating and positing it intermittently on NQ ES and XAU forums - https://invst.ly/on7ku
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