If you happen to missed the morning or have been ready for affirmation, effectively the delivered a strong breakout yesterday, albeit on modest quantity. The event got here with a MACD set off ‘purchase’ and On-Steadiness-Quantity ‘purchase’ sign, leaving technicals internet bullish.
SPX Day by day Chart
The added to its breakout with one other respectable white candlestick on a 1.5% acquire. This added to the technical power of the index. The one disappointment was the commonly gentle shopping for quantity.
COMPQ Day by day Chart
The ($IWM) constructed on Wednesday’s breach of its 50-day MA. There’s nonetheless a number of work to do earlier than the index clears $180 and begins a right-hand base. Technicals are internet bullish though the index remains to be underpeforming relative to the Nasdaq and S&P.
IWM Day by day Chart
The approaching days will probably be about consolidation when sellers return. We’ve a strong breakout within the S&P 500, a consolidated breakout within the Nasdaq, and a bullish cross of the 50-day MA for the Russell 2000. All of those level to a optimistic few weeks (and months) forward. Getting again to 2021 highs appears cheap from right here.