Breaking News
Get 40% Off 0
Is NVDA a 🟢 buy or 🔴 sell? Unlock Now

S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally

By Declan FallonStock MarketsDec 08, 2023 07:29
uk.investing.com/analysis/sp-500-nasdaq-russell-2000-regain-bullish-momentum-ahead-of-yearend-rally-200595558
S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally
By Declan Fallon   |  Dec 08, 2023 07:29
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
US500
+2.11%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
US2000
+0.72%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
IWM
+0.76%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
IXIC
+2.96%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Markets are trading near resistance defined by recent swing highs, reversing early losses. The S&P 500 opened on resistance and posted a small gain.

The Nasdaq had opened at support and has moved to trading range resistance.

In the process of making today's gains, there was a switch in relative strength back in favor of the Tech index. There is still a MACD trigger 'sell' to negotiate, but this signal occurred well above the bullish zero line. 

COMPQ-Daily Chart
COMPQ-Daily Chart

It's a similar picture for the S&P 500 with a 'sell' trigger above the bullish zero line and it has moved to a relative period of underperformance against the Nasdaq and Russell 2000.

But of the indexes, it has the most room to support, and that's more important than its relative technical underperformance to its peers.

SPX-Daily Chart
SPX-Daily Chart

The Russell 2000 (IWM) has shaped a nice bullish 'flag' after clearing its 200-day MA.

I would be looking for a challenge of yesterday's spike high as a minimum, but this is looking good for further gains as the index continues to shape a right-hand-side base.

IWM-Daily Chart
IWM-Daily Chart

It's looking good for the indexes as we move closer to Santa rally time. I had thought the bears were ready to push their reversal yesterday, but they flaked out. So let's see what bulls can do today.

S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally
 

Related Articles

Edison Group
1Spatial: Landmark 1Streetworks Contract By Edison Group - Feb 22, 2024

SPA has announced that following a successful trial, UK Power Networks has signed a contract to deploy 1Streetworks, 1Spatial PLC (LON:SPA)’s traffic plan automation application....

S&P 500, Nasdaq, Russell 2000 Regain Bullish Momentum Ahead of Year-End Rally

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email