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Nasdaq, S&P 500 Eye New Highs; Russell 2000 Remains Indecisive

Published 2024-06-12, 12:46 a/m
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It was a good day for indexes as both the Nasdaq and S&P 500 managed to finish at new highs.

Gains in the Nasdaq were enough to reverse the 'sell' trigger in On-Balance-Volume, returning the index to a net bullish technical picture.

Nasdaq Composite-Daily Chart

The S&P 500 also managed a new high, but it did so on a lower price advance.

SPX-Daily Chart

Friday's action had suggested a more sustained period of selling was coming; yesterday's action reversed that by closing above Friday's high - negating the significance of the indecisive doji.

Where things remain indecisive is for the Russell 2000 (IWM). On a positive note, yesterday's action fit with a bullish reversal harami (inside day).

But, because the index is range-bound, it may not deliver on this promise. Day traders should watch morning/pre-market action closely for leads.

IWM-Daily Chart

For today, we may see some form of consolidation for the Nasdaq and possibly the S&P 500 too. If there is a gain, look to the Russell 2000 ($IWM) to lead, and if it does, there may be enough momentum to see further gains in the Nasdaq and S&P 500.

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