Declan Fallon | Mar 19, 2019 01:07AM ET
Another day of small gains yesterday, kept the rally moving for another day. The Russell 2000 probably got the most out of yesterday as the index closed at its 20-day MA.
It is now in a position to negate prior spike high tags of the latter moving average. If there was a short play on the initial tag of the 20-day MA it looks done now. The MACD is in recovery mode but is on course to trigger a 'buy.'
The Semiconductor Index consolidated its breakout with a small candlestick at the upper end of yesterday's candle. A MACD trigger 'buy' looks to be just a day away—if this comes through then I would expect the NASDAQ 100 to break upside beyond its channel.
The S&P posted a new closing high as it moves into a challenge of October all-time highs. You can see on a weekly chart how important this break of resistance is.
For today, watch the NASDAQ 100 and Russell 2000 for leads; bears will be looking for a push down from the channel in the NASDAQ 100; bulls will want a strong move through the 20-day MA of the Russell 2000.
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