The Russell 2000 suffered minor losses but remained well inside the rising channel on bullish technicals.
It was a rare Thanksgiving Friday which didn’t see indices close higher as has often been the case in recent years. However, there was no significant damage done to indices by Friday’s half-day selling as junior traders ruled the roost.
The Russell 2000 (NYSEARCA:IWM) suffered minor losses but remained well inside the rising channel on bullish technicals.
The Nasdaq(NYSEARCA:QQQ) is in an upward channel bound by bullish technicals. Again, minor losses don’t break the trend.
While the Nasdaq experienced minor losses, the Percentage of Nasdaq Stocks above the 50-day MA broke to new swing highs, taking out the September and November highs in the process. Technicals are all bullish. With bullish breadth metrics, the parent Nasdaq is well placed to benefit.
It may be a slow Monday (particularly if weather has a part to play), but bulls have the momentum to fuel a Santa rally into 2020.