Charting the Markets: The Russell Stars and the S&P Confirms Its Bullish Move
Even a short week could not stop the indexes from inevitably moving higher.
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Just three and a half trading sessions this past week but they were all very meaningful. Stocks rose smartly for three of the four sessions, but the broader indexes such as the Russell 2000 and the Industrials moved up the entire week.
The small-cap Russell was the star of the week, pushing higher by more than 3%, leading the way for the first time in months. The S&P 500 also had a decent week and, as we see in this weekly chart, the index has now confirmed its move back into the bull channel.
Though volume levels were low for the week, we should note that each day the market was open there was strong turnover each day, so that matters.
Oscillators are overbought and the stochastics (momentum) on this weekly chart is stalling out. Does that mean this rally is about to end? No it doesn't, rather that better chances to get long may happen with a modest pullback to support.
