U.S. Markets: Tech And Small Caps Had Best Of Action
Declan Fallon | Apr 09, 2015 12:13AM ET
I started the day yesterday with a short in the NASDAQ 100, and ended the day stopped out. Large Caps didn't quite reach the same highs, but will likely follow the leadership of the NASDAQ and Small Caps.
The Russell 2000 will likely lead the indices out. It's very close to negating the 'bull trap'. Today could be the day.
The S&P may have edged a breakout, although it would be easy enough to redraw the consolidation to keep the index under wraps. Technicals are still net bearish, despite the net bullish directional index.
The NASDAQ Composite is probably a 50:50 if it can push on to re-challenge 5,000, but volume climbed to register accumulation.
The NASDAQ 100 still has a wedge breakdown to consider, and hasn't quite enjoyed the same gain as the NASDAQ Comp, but it did enough to hit my stop.
Today is an opportunity to confirm yesterday's gains and to pressure shorts looking for a break of support. Small Caps look best positioned to reward bulls.
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.