S&P 500 gains to extend record run, set for positive week
A solid boost for the markets. Is it enough to break through consolidations? We’ll see, but based on yesterday’s action, I would say yes. In fact, the Russell 2000 (IWM) has broken out of its consolidation with a new move on higher volume.
The S&P 500 posted two solid days that have taken the index further away from breakout support, and will force doubts into sideline bulls or positional shorts.
The Nasdaq didn’t enjoy the same surge as the Russell 2000 ($IWM) or S&P 500, and as a result, there was a relative performance shift away from the Tech index.
yesterday’s action didn’t change the bullish trend, or fire any warning shots, but maybe there is more interest in stocks outside of those in the Nasdaq.
Meanwhile, the Dow Industrial Average made a nice move higher, but hasn’t yet generated a breakout.
Tech stress is built off a little wobble in the Semiconductor Index. The index is at 20-day MA support, which will help, but technicals are drifting bearish.
I’m heading on holidays and the next update will be mid-August. I will leave you with this chart. I have read many bearish outlooks, but here is one that leaves one reason to be positive.