Breaking News
Get 40% Off 0

S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally

By Declan FallonStock MarketsDec 08, 2023 02:29AM ET
www.investing.com/analysis/sp-500-nasdaq-russell-2000-regain-bullish-momentum-ahead-of-yearend-rally-200644231
S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally
By Declan Fallon   |  Dec 08, 2023 02:29AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
US500
-0.60%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US2000
-1.43%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
IWM
-1.39%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
IXIC
-0.92%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Markets are trading near resistance defined by recent swing highs, reversing early losses. The S&P 500 opened on resistance and posted a small gain.

The Nasdaq had opened at support and has moved to trading range resistance.

In the process of making today's gains, there was a switch in relative strength back in favor of the Tech index. There is still a MACD trigger 'sell' to negotiate, but this signal occurred well above the bullish zero line. 

COMPQ-Daily Chart
COMPQ-Daily Chart

It's a similar picture for the S&P 500 with a 'sell' trigger above the bullish zero line and it has moved to a relative period of underperformance against the Nasdaq and Russell 2000.

But of the indexes, it has the most room to support, and that's more important than its relative technical underperformance to its peers.

SPX-Daily Chart
SPX-Daily Chart

The Russell 2000 (IWM) has shaped a nice bullish 'flag' after clearing its 200-day MA.

I would be looking for a challenge of yesterday's spike high as a minimum, but this is looking good for further gains as the index continues to shape a right-hand-side base.

IWM-Daily Chart
IWM-Daily Chart

It's looking good for the indexes as we move closer to Santa rally time. I had thought the bears were ready to push their reversal yesterday, but they flaked out. So let's see what bulls can do today.

S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally
 

Related Articles

S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (7)
Anjali Sane
Anjali Sane Dec 09, 2023 1:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
very good and useful thanks
Ro Co
Ro Co Dec 08, 2023 5:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Spot on , Declan!!
Derick Lim
Derick Lim Dec 08, 2023 5:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
More 🐂💩
Rafi Ghoson
Rafi Ghoson Dec 08, 2023 5:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what ? lol then watch what will happen next month champ
Work Ethic
Work Ethic Dec 08, 2023 5:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the inverse clothesline is a portent of looking toward a ploughboy trap
Saki Kalasaki
Saki Kalasaki Dec 08, 2023 5:02AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Useless comment
Arnaldo Gonzaga
Arnaldo Gonzaga Dec 08, 2023 2:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ready to ride the sleigh
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email