Semiconductor Surge Sparks Nasdaq 100 Breakout; Dow Jones in Bull Trap Territory

www.investing.com/analysis/semiconductor-surge-sparks-nasdaq-100-breakout-dow-jones-in-bull-trap-territory-200644314

By Declan Fallon | Dec 12, 2023 02:22AM ET

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Bulls came into the week with a small edge, but it was left to Semiconductors to push beyond its 'bull flag' and July swing high resistance. Gains in the Semiconductor Index coincided with a new MACD trigger 'buy' and an acceleration in relative performance to the Nasdaq 100.

SOX-Daily Chart

The Dow Industrial ($INDU) pushed above last week's consolidation. Having committed to this break, we need to watch for a potential 'bull trap' as this is a breakout coming off an extend rally of nearly 4,000 points.

INDU-Daily Chart

The Russell 2000 (IWM) is on course to test the August swing high around $191. I would be looking for some sideways action should the index make it to this resistance level.

IWM-Daily Chart

The Nasdaq poked its head above resistance, but it's only an edge breakout. This could very easily drift back into last week's consolidation, setting up a 'bull trap' and a possible move back to fill the November gap.

COMPQ-Daily Chart

The S&P 500 has done a little more to set itself past the 2-week consolidation and the August swing high.

However, it hasn't reversed the MACD trigger 'sell'; other technicals are positive. While the S&P 500 is pushing beyond its trading range it is losing ground against the Russell 2000.

SPX-Daily Chart

For today, I would be looking for some weakness, particularly if there are gaps higher for large-cap indexes. I would edge a little more bullish for the Russell 2000 ($IWM), chiefly because it hasn't enjoyed the same level of gains as the other indexes.

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Comments (2)

michel Le havre Dec 12, 2023 7:26AM ET

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I am the biggest bear in the market but i am all in on stocks. Simple.... To sell stocks is to buy Dollars and that I vomit at the thought of selling real companies for fiat currency printed on toilet paper by the trillions every month

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Empire Destroyer Dec 12, 2023 4:52AM ET

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Finally an article that makes some sense but since it's bearish leaning, we know markets will just keep going up

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Semiconductor Surge Sparks Nasdaq 100 Breakout; Dow Jones in Bull Trap Territory

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