Janet Yellen signaled the not to surprising start to interest rate hikes and markets, along with EUR/USD, rallied on the news yesterday. Best action was to be found in the Russell 2000. It managed to break key resistance and bank some distance from the year long consolidation. Yesterday's action was excellent news for bulls looking for a new phase in the 2009-present day bull market; it's starting to look like 2015 will be the year for Small Caps.
There wasn't a whole lot to add from other indices. The S&P 500 is in the process of eating supply from the February 'bull trap,' but will need to close above 2120 to confirm. Volume surged in confirmed accumulation.
The NASDAQ firmed up swing low support off 4843 with higher volume accumulation. The index closed above the 20-day MA and is on course to return above 5000.
The other index to do well yesterday was the Semiconductor Index. It again reversed just above major support of 700 with a 'bull flag' breakout. Solid action for those looking outside of Small Caps.
For today, bulls have a choice of the Semiconductor Index and the Russell 2000 to work with.
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