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S&P 500, Nasdaq Brace for Move Higher; Russell 2000 Bulls Hold All the Cards
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It has been a relatively slow start to the week given what is at stake we remain waiting for the potential breakout in the Russell 2000 (IWM).
The Russell 2000 has drifted back in relative underperformance against the S&P 500, but only to a small degree. Other technicals remain net positive.
The Nasdaq and S&P 500 both closed higher. Not enough to kick start a continuation of the rally, but the sizable gaps from early November for both indexes have the look of measuring gaps, and this means there is still more to come for these indexes.
I remain optimistic for the Russell 2000, but it's feasible we will see moves higher in either the S&P 500 or Nasdaq before then. Bulls hold all the cards at the moment, quite the change from late October.
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