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).
The S&P had already edged a breakout, but it wasn't able to add to it gains on Friday.
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.
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).
So, we have a potential bullish play in the Russell 2000, and a bearish one in the Dow Jones Industrial.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.