US stocks are fiercely resisting the decline… penetration attempts do not stop!

-

After Monday’s positive trading, US indices traded mostly sideways yesterday, as the bears succeeded in preventing a broader follow-up rally.

There was decent buying volume and a more modest volume of low-level selling. And it’s safe to say that we have a swing low established from the end of December, which is really workable.

I haven’t mentioned a specific index in a while, but I’ve been making strong gains over the past couple of days, as evidenced by the semiconductor index.

In addition to clearing the bearish “black” candle from December, it also crossed the 200-day moving average accelerating its outperformance against 100. I also view the latter relationship as the technical equivalent of the Dow Theory, thus, the semiconductor outperformance is bullish for the technology sector. the widest.

semiconductor index

While semiconductors are making great strides, the NASDAQ is yet to challenge the December black candlestick which is also the resistance of the November-December trading range. However, it has the advantage of net bullish technical indicators and outperformance compared to the big, 500 stocks.

-
Nasdaq

Nasdaq

--

The S&P 500 is also working towards the December resistance, but has the added advantage of doing so from above the 200 day EMA. Technical indicators are also net positive, but the index underperformed its peer technology and small-cap indices.

itel width=

The index to watch today is the Russell 2000 Stock Exchange Index (IWM). It is challenging consolidation resistance for the fourth time, and no one has ever heard of a quadruple top, so I would expect a break above $188.70 in the coming days.

Russell Index 2000

Russell Index 2000

Looking at the state of the indices, it’s hard to see where the bears have an angle. And if the Russell 2000 follows the semiconductor index with a breakout, it will push for the development of the right-hand side rules – the rules that I started developing at the end of 2021.

-

--

PREV Al-Nassr plans to convert Ronaldo to a new Ibrahimovic
NEXT Killings on all fronts