Russell 2000 Tests Support; NASDAQ Slips But Technicals Still Bullish
Declan Fallon | Nov 14, 2019 12:27AM ET
Rallies continued for indices yesterday, with the exception of the Russell 2000 (via iShares Russell 2000 (NYSE:IWM)), which made a support test of the breakout level. The Russell 2000 support test is helped by the proximity of the 20-day MA, although it's on the verge of a MACD trigger 'sell'.
The S&P 500 had a small bullish engulfing pattern, but in the absence of oversold conditions it's not a strong a bullish candle. However, the index did make a relative gain against the Russell 2000 which is not so helpful.
The NASDAQ was down a little, but supporting technicals remain in good shape.
The Semiconductor Index is shaping a 'bull flag' on the back of strong technical strength. The index is well above key moving averages but is not showing any signs of slowdown. Again, this is bullish for the NASDAQ and NASDAQ 100.
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So far, so good.
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