Small Caps Break Out
Declan Fallon | Mar 19, 2015 12:34AM ET
Janet Yellen signaled the not to surprising start to interest rate hikes and markets, along with EUR/USD, rallied on the news yesterday. Best action was to be found in the Russell 2000. It managed to break key resistance and bank some distance from the year long consolidation. Yesterday's action was excellent news for bulls looking for a new phase in the 2009-present day bull market; it's starting to look like 2015 will be the year for Small Caps.
There wasn't a whole lot to add from other indices. The S&P 500 is in the process of eating supply from the February 'bull trap,' but will need to close above 2120 to confirm. Volume surged in confirmed accumulation.
The NASDAQ firmed up swing low support off 4843 with higher volume accumulation. The index closed above the 20-day MA and is on course to return above 5000.
The other index to do well yesterday was the Semiconductor Index. It again reversed just above major support of 700 with a 'bull flag' breakout. Solid action for those looking outside of Small Caps.
For today, bulls have a choice of the Semiconductor Index and the Russell 2000 to work with.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.