Russell 2000 Tags Resistance As NASDAQ And S&P 500 Breakouts Hold
Declan Fallon | Jun 28, 2021 12:07AM ET
There wasn't a whole lot of change on Friday, although the breakouts established in the S&P and NASAQ held. The rarity of triple tops was confirmed by the third attempt by the NASAQ to break resistance as it did during the summer of 2020. The breakout was established with a confirmation in On-Balance-Volume 'buy' signal and a relative performance advantage over the S&P
The S&P breakout was more subtle but still enough to register on a weekly chart. Of technicals, only the MACD is on a 'sell' trigger.
The Russell 2000 (via IWM) had a good week, but the gains weren't enough to deliver a breakout.
Indices will need to confirm their breakouts and have the Russell 2000 follow the lead of the NASAQ and S&P. Bull markets are driven by Small Cap leadership, so it will be important that the Russell 2000 can do what the other indices have already achieved. Initial signs are good, but more is needed.
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