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Russell 2000 Tags Resistance as S&P 500 Breakouts

By Declan FallonStock MarketsJan 20, 2025 15:00

au.investing.com/analysis/russell-2000-tags-resistance-as-sp-500-breakouts-200605694

Russell 2000 Tags Resistance as S&P 500 Breakouts

By Declan Fallon | Jan 20, 2025 15:00

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Friday was a bit of a mixed bag. It was good to see the S&P 500 breakout, but it also coincided with a Russell 2000 (IWM) that closed on a 'black' candlestick at downward channel resistance.

In the case of the S&P 500, Friday finished with an accumulation day to go with a MACD trigger 'buy' and stochstic [39,1] bull crossover, following on from the earlier On-Balance-Volume 'buy' signal.

The chief point of weakness is the doji marking the breakout. This is a neutral candlestick and represents indecision - leaving doubt as to the validity of the breakout.

SPX-Daily Chart

SPX-Daily Chart

The Russell 2000 ($IWM) finished with a bearish black candlestick at channel resistance, making it hard to look beyond a weak start for next week.

There is a weak MACD tigger 'buy' (below the bullish MACD line), and On-Balance-Volume is carrying a 'buy' trigger. However, momentum as measured by stochastics is firmly on the bear side.

IWM-Daily Chart

IWM-Daily Chart

The Nasdaq edged a breakout on a doji, like the S&P 500, but it only has a bullish uptick in stochastics to look too. Friday's volume did register as accumulation.

Nasdaq Composite-Daily Chart

Nasdaq Composite-Daily Chart

The Semiconductor index remains a scramble, but it has at least returned above key moving averages.

Technicals are net positive, although they are as erratic as price action. I think a push above 5,440 is needed to clear the quagmire and put some direction on the index.

SOX Daily Chart

SOX Daily Chart

For the coming week, we will want to see breakouts in the S&P 500 and Nasdaq firm up with something more substantial than Friday's doji. Technicals are improving, but there is more to do before there is a broader net bullish picture. The start point will be a required breakout in the Russell 2000.

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