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Monday, April 22, 2019 Small gains for Nasdaq; Russell 2000 at converged 20-/50-day MAs

My individual picks on invest4success are showing a greater level of weakness than the indices.

 

By Dr. Declan Fallon

 

This may reflect bad stock picking on my part, or could represent a hidden undercurrent of weakness which hasn’t represented itself in the broader market. Time will tell which side is true.

Leading on from this, I would like the Russell 2000 to regain its leadership which it lost in March. The February high rebuttal off the 200-day MA remains the high for the index in 2019, but something more is required to see a reversal in the relative performance loss.


The S&P(NYSEARCA:SPY) isn’t doing a whole lot, but this lack of movement has helped the index outperform the Russell 2000(NYSEARCA:IWM). Despite this, the index has shifted to a ‘sell’ trigger in the MACD.

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The Semiconductor Index bucked the trend a little. The potential ‘shooting star’ from last Wednesday never materialized and this is good news for semiconductor stocks, the Nasdaq and the Nasdaq 100.

The Nasdaq (NYSEARCA:QQQ)has benefited (a little) from gains in the Semiconductor Index. While the index hasn’t done a whole lot in recent weeks it has enjoyed good technical strength, bar a flat-lined ‘sell’ trigger in the MACD.

For tomorrow, I would like to see the Russell 2000 regain some of the momentum lost in recent weeks, starting with a successful defense of converged 20-day and 50-day MAs.