NASDAQ Could Accelerate Its Rally This Week

The week started brightly, although buying volume was light. However, the is looking to accelerate its rally as yesterday’s gain pushes against channel resistance. Given broad technical strength, I would look to see a break by the end of the week.

COMPQ Daily Chart

The has moved into the middle of its narrow channel as technicals are bullish with relative performance improving markedly against the . The MACD is looking to recover from a brief flat-line period as it remains well above the bullish mid-line. Volume climbed a little to register as possible accumulation.

SPX Daily Chart

are working through the breakdown in the rising channel, but action since the breakdown has been positive. Given the sharp downward trend in relative performance it may be a while yet before the index rises to challenge the 2018 high.

IWM Daily Chart

IWM Weekly Chart

The rally’s good health continues. There is no reason to sell or take profit yet.

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