Please enable javascript in your browser to view this site!

Russell 2k Breakout is important, while NAZ starting to stabilize

Into mid-day.  Tough to make much of this decline, if at anything-   Equities have attempted to pullback a bit ,but have NOT gotten underneath yesterday's lows which is initial support for S&P- 2147 area. and have since bounced.  NASDAQ remains a relative outperformer and positive on the day which is a welcome switch from what's happened over the last few weeks- Small-caps are breaking out above prior Sept highs to the highest levels since mid-July of LAST year which is seen as a definite positive..  breadth is not all that strong on this pullback as well and nearly split EVENLY on Declining vs Advancing issues- Meanwhile the DXY US DOLLAR INDEX is on the verge of its own Breakout today, with prices up at late Oct highs and set to make the highest daily and weekly close since February-  Gold has broken support and headed towards 1200 and Emerging mkts remain in tough shape, with big breaks of support by EEM in the last day-  Bond yields overseas continue to rally , but our markets are closed.. and Financials stalling out given how stretched its become in recent days-  For now, Energy, Healthcare, and Materials all down 1%+.. while Utilities and Real estate bouncing , despite no meaningful evidence of bond yields turning down-  But Tech and Discretionary both being GREEN today is a real positive along with most of the Defensives.. and gives some hope that this consolidation of the recent surge will prove short-lived.  Key areas for this afternoon lie near 2147 on the downside- while 2180-4 remains important as resistance-   NVDA, GM, QRVO, and F all positive by more than 3% while on downside-  NM, ADM, ALXN, KORS down 5% or more-  Let me know if you have any questions


Russell 2k breakout both absolute and relative basis is important