Small Caps And Semiconductors Add To Gains

Published 06/03/2016, 12:04 AM
Updated 07/09/2023, 06:31 AM
US500
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US2000
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It's a slow and steady for indices as gains continued. The Russell 2000 has pushed beyond the April high and will soon be hitting the 5% boundary above its 200-day MA. This market is a long way from January and February lows and there is an opportunity for a measured move higher coming out of this.

RUT Daily Chart


The Semiconductor Index made its seventh straight gain in a row. The index is well above 685 support and all technicals are net positive.

SOX Daily Chart


The S&P also posted a gain, but it was a relatively low key gain. It hasn't quite negated the head-and-shoulder pattern, but shorts have little room for optimism. On-Balance-Volume returned positive too.

SPX Daily Chart


The Nasdaq is also knocking the door of new highs. It may be the last to do so, but technicals do suggest a move higher is favoured.

COMPQ Daily Chart


The short terms are looking better for bulls and the secular bull market from March 2009 may yet have another leg higher to offer. There isn't a whole lot for shorts, other than a speculative play at resistance for S&P and Nasdaq, but supporting technicals do not suggest a path to success.

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