🚀 Netflix soars after Q4 earnings. Catch the best Big Tech plays before they report.Use free screener

NASDAQ: Primed To Breakout

Published 02/11/2015, 11:33 PM
Updated 07/09/2023, 06:31 AM
NDX
0.22%
US500
0.00%
US2000
0.47%
SOX
-0.45%

On Tuesday it was the S&P 500 and Semiconductor Index which broke higher. Yesterday that honor almost went to the NASDAQ, but it couldn't quite do it.

However, the NASDAQ is well placed to do so today. The NASDAQ finished with an accumulation day, and the consolidating breakout in the Semiconductor Index should help deliver the break. Technicals are nicely positioned as net positive too.

NASDAQ composite Daily Chart


The S&P 500 yesterday had a low key day. It finished with a doji that held above Tuesday's breakout level. Selling volume also dropped. Bulls may even have some follow through here: either the NASDAQ helping the S&P 500, or vice versa.

SPX Daily Chart


The Russell 2000 did little, its doji was a point above key 1,200 support, but yesterday's action was relatively tight. Its day may come by the end of the week.

RUT Daily Chart


The NASDAQ isn't as well placed. For the NASDAQ there is still room for resistance before a breakout can be declared. The good news is that yesterday's action reversed the last bearish technical signal - returning the technical picture net bullish.

NASDAQ Composite Daily Chart


For today, the trade is to look for a breakout in the NASDAQ. Pre-market strength in the S&P 500 and/or Russell 2000 would provide the basis for this move. Although the NASDAQ is likely to work a breakout on its own merit, and this will provide the catalyst for the S&P 500 and Russell 2000 to bank gains.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

Which stock should you buy in your very next trade?

AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?

Unlock ProPicks AI

Latest comments

Loading next article…
Risk Disclosure: 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.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.