Sunday, August 09, 2020

Russell 2000 Breakout on Daily and Weekly Timeframes

The Russell 2000 manged both to finish the week with a breakout on the Friday and a breakout on the weekly chart. The only downside was the the lack of volume, although volume registered as accumulation on the daily chart.

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Thursday, August 06, 2020

Russell 2000 Tries To Breakout

Breakout in Indices haven't fully moved beyond support to classify as sustainable breakout moves, but the Russell 2000 is making the best attempt at it. A series of consecutive small gains across indices has the makings of a breakout, but without the volume and a single powerful trading day it lacks the momentum for it to be sustainable. 

Having said that, the Nasdaq is up against channel resistance (former support), although technicals are net positive.

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Monday, August 03, 2020

Edge Breakouts for Indices

It wasn't a major move but buyers were able to push new highs, nicking breakouts for the S&P and Nasdaq, but not yet the Russell 2000. I would like to see more volume with the move and ideally, a large white candlestick. 

The Nasdaq rallied to former channel support, now resistance. The technical picture has stayed positive even when the rally moved outside of its rising channel. Aggressive players could look for a short. 

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Friday finishes week on a positive but momentum lacking

There was no big change in the technical picture of the indies, but all markets managed to make a positive close on the week. Indices started Friday with gaps higher and finished the day as much as they started. 

The Nasdaq's gain wasn't enough to take out the recent swing high but it did register as an accumulation day and it continues to map a relative outperformance to its peers.

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