Breaking News

Russell 2000 Breaks Out; S&P 500, Nasdaq Gain After Support Test: What Lies Ahead?

By Declan FallonStock MarketsJul 12, 2023 03:06AM ET

www.investing.com/analysis/russell-2000-breaks-out-sp-500-nasdaq-gain-after-support-test-what-lies-ahead-200639895

Russell 2000 Breaks Out; S&P 500, Nasdaq Gain After Support Test: What Lies Ahead?

By Declan Fallon | Jul 12, 2023 03:06AM ET

Saved. See Saved Items.

This article has already been saved in your Saved Items

US500

+0.85%

Add to/Remove from Watchlist

US2000

+0.91%

Add to/Remove from Watchlist

IWM

+0.81%

Add to/Remove from Watchlist

IXIC

+1.58%

Add to/Remove from Watchlist

SOX

+2.03%

Add to/Remove from Watchlist

It's the holiday season, and blog traffic is way down, but while people are away enjoying their vacation, those traders left behind have decided to drive a break of resistance in the Russell 2000. There is no confirmed accumulation, but there was a new 'buy' trigger in the MACD and an outperformance relative to the S&P 500.

IWM Daily Chart

IWM Daily Chart

While the Russell 2000 (IWM) was making its move, both the Nasdaq and S&P 500 were making their own gains. The S&P 500 is closest to getting past 4,450 after bouncing off the 20-day MA in a successful support test.

Again, buying volume was low, but there was still enough to see a new 'buy' trigger in On-Balance-Volume. Having said that, the latter indicator has effectively flatlined since March, despite the price rally, so it needs to kick on if it's to support the action in price.

SPX Daily Chart

SPX Daily Chart

The Nasdaq also closed higher on the day, also successfully defending its 20-day MA but not quite reaching resistance. It, too, enjoyed a new 'buy' trigger in On-Balance-Volume, but has the same lack of trend that volume is experiencing in the S&P 500.

COMPQ Daily Chart

COMPQ Daily Chart

The Semiconductor Index didn't quite make it out of its consolidation triangle, but today's 'hammer,' while not in the traditional reversal position, does indicate the underlying demand for semiconductor stocks.

SOX Daily Chart

SOX Daily Chart

With vacation season in full swing, we will not see the volume move to back breakouts of support or resistance, so we just have to take things at face value. Let's see how action in the Russell 2000 evolves.

Related Articles

Christine Short

IPO Market Showing Signs of Life, Drawing Second-Half Optimism on Wall... By Christine Short - Jul 13, 2023 2

The last 18 months have been like an ice age for investment bankers brokering deals and young business owners looking to tap extra capital Several successful recent IPOs may...

Damian Nowiszewski

JPMorgan, Citigroup, Wells Fargo to Kick Off Earnings Season: What to... By Damian Nowiszewski - Jul 13, 2023 5

Q2 earnings season kicks off with the banking sector entering the limelight Banking crisis concerns have abated following stress tests by the Fed Big players Citigroup, JPMorgan,...

Ismael De La Cruz

3 Underperforming Stocks That Could Stage an Impressive Year-End... By Ismael De La Cruz - Jul 13, 2023 5

Stocks have rallied since June, aided by significant capital inflows But some stocks have lagged behind Let's take a look at three such stocks trading below their target prices...

Add a Comment

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:

Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
Only English comments will be allowed.
Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

I have read Investing.com's comments guidelines and agree to the terms described.

Write your thoughts here

Are you sure you want to delete this chart?

Post also to:

Replace the attached chart with a new chart ?

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.

<div id="comment">
				<div class="comment js-comment" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
    <div class="mainComment js-content">
       <div class="commentInnerWrapper">
        <a href="https://www.investing.com/analysis/{userLink}" class="js-user-link"><img src="https://www.investing.com/analysis/{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody">
                					<span class="commentUsername">
                    	<a href="https://www.investing.com/analysis/{userLink}" class="js-user-link js-user-name">{username}</a>
					</span>
                                <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
                <div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="https://www.investing.com/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="https://www.investing.com/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>
                 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div>             </div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="commentBigChart js-comment-chart" onclick="openViewChartPopup('{commentID}')">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
	   </div>
	</div>
	</div>			</div>
			<div id="reply">
				
    <div class="commentReply js-comment js-comment-reply" data-comment-id="{commentID}" id="comment-{commentID}" data-user-id="">
		<div class="commentInnerWrapper"><a href="https://www.investing.com/analysis/{userLink}" class="js-user-link"><img src="https://www.investing.com/analysis/{userImage}" width="33" height="33" alt="{usernameAlt}" class="img" onerror="this.src='https://i-invdn-com.investing.com/defaultUserMaleTmp.png';"></a><div class="commentBody js-content">
            				<span class="commentUsername">
					<a href="https://www.investing.com/analysis/{userLink}" class="commentUsername js-user-link js-user-name" onMouseOver="">{username}</a>
				</span>
                        <span class="js-date" comment-date="{dateFormat}" comment-date-formatted="{dateFormatted}" title="{dateTitle}">Just Now</span>
			 <div class="commentAuthor js-comment-by-author"><span class="commentAuthorIcon"></span>Author's response</div> 			<div class="commentDropDown js-commentDropDownWrapper " data-user-id="" data-cid="{commentID}">
	<a href="javascript:void(0);" class="threeDotsIconSmall js-thinDropdownArrow"></a>
	<div class="tooltipPopup commentActionsPop noHeader js-commentDropDownOptions displayNone">
		<div class="addRow js-option share">
			<a href="javascript:void(0);" class="js-commentSharePopup" data-cid="{commentID}" data-curl="{commentLink}"><span class="smallShareIcon middle"></span>Share</a>
		</div>

<div class="js-option addRow follow">
            <div class="js-follow-post-button" data-reg_ep="follow comment">
                <span class="alertfollowIcon middle"></span>Follow this post            </div>
            <div class="js-unfollow-post-button displayNoneImp">
                <span class="alertUnfollowIcon middle"></span>Unfollow this post            </div>
        </div>

<div class="addRow js-option save"  data-reg_ep="save comment">
		<a href="javascript:void(0);" class="js-save-item-btn" data-item-type="comments" data-item-id="{commentID}">
			<i class="saveItemBigIcon middle"></i>
			Save		</a>
	</div>
	<div class="addRow saveItemsConfirmation noHover displayNone js-saveItemResult">
		
<div class="content js-saveItemSuccess displayNone">
	<span class="mediumGreenSuccessIcon"></span><span>Saved. See <a href="https://www.investing.com/members-admin/saved-items" target="_blank">Saved Items</a>.</span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
<div class="content js-saveItemAlreadySaved saveItemAlreadySaved displayNoneImp">
	<span>This comment has already been saved in your <a href="https://www.investing.com/members-admin/saved-items" target="_blank">Saved Items</a></span>
	<a href="javascript:void(0);" class="bugCloseIcon js-close"></a>
</div>
	</div>

<div class="addRow shareButtons js-sharePopup displayNone">
			<div class="js-shareComment"><span class="js-shareCommentSpan"></span></div>
		</div>
	</div>
</div>

</div>
		<div id="commentText-{commentID}" class="js-text-wrapper commentText withImage">
							<div id="commentBigChart{commentID}" class="replyBigChart displayNone js-comment-chart">
					<img src="https://d1-invdn-com.investing.com/comments_images/{commentImage}" alt="{commentAlt}">
					<i class="newMagnifyChartIcon"></i>
				</div>
				<span id="commentSmallChart{commentID}" class="commentSmallChart pointer js-comment-chart" onclick="openViewChartPopup('{commentID}')">
                    <img src="https://d1-invdn-com.investing.com/comments_images/{commentImageSmall}" width="116" height="52" alt="{commentAlt}">
                    <span class="chartMagnifyOverlay displayNone"></span>
                    <span class="searchGlassIcon chartMagnify displayNone"></span>
                </span>
						<span class="js-text">{commentContent}</span>
			<div class="clear"></div>
							<div class="commentButtons js-not-master-user">
					<a href="javascript:void(0)" class="reply js-reply-btn" data-real-parent-id="{commentID}" data-to-user-name="{username}" data-to-user-id="">Reply</a>
					<div class="inlineblock likeDislikeBox js-like-dislike-box" data-item-id="{commentID}">
	<input class="js-like-checkbox" type="checkbox" name="option" value="Yes" id="like_{commentID}">
	<label for="like_{commentID}" class="like" title="I agree"></label>
	<span class="numOfLikes js-like-count lighterGrayFont">0</span>
	<input class="js-dislike-checkbox" type="checkbox" name="option" value="No" id="dislike_{commentID}">
	<label for="dislike_{commentID}" class="dislike" title="I disagree"></label>
	<span class="numOfDislikes js-dislike-count lighterGrayFont">0</span>
</div>

<div class="reportComment js-flag float_lang_base_2">
                            <a href="javascript:void(0);" id="commentFlag_{commentID}">
                                <span class="reportCommentIcon middle"></span><span class="inlineblock middle">Report</span>
                            </a>
                        </div>
                    				</div>
					</div>
		</div>
    </div>
			</div>
			<div id="show-more-comments">
				<a class="showMoreComments block">
					<span class="arial_12 showArrowafter">Show more comments (<span class="js-amount"></span>)</span>
				</a>
			</div>
			<div id="show-more-replies">
				<a class="showMoreReplies block">
					<span class="arial_12 showArrowafter">Show more replies (<span class="js-amount"></span>)</span>
				</a>
			</div>

Are you sure you want to delete this chart?

Replace the attached chart with a new chart ?

1000

Comment Guidelines

Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.

Please wait a minute before you try to comment again.

I feel that this comment is:

Spam

Offensive

Thank You!

Your report has been sent to our moderators for review

More Categories

1D1W1M6M1Y5YMax

	US 30	34,338.9	-56.2	-0.16%
	US 500	4,507.4	-2.6	-0.06%
	Dow Jones	34,395.14	+47.71	+0.14%
	S&P 500	4,510.04	+37.88	+0.85%
	Nasdaq	14,138.57	+219.61	+1.58%
	S&P 500 VIX	13.61	+0.00	+0.00%
	Dollar Index	99.310	-0.146	-0.15%

	Crude Oil WTI	76.97	+0.08	+0.10%
	Brent Oil	81.42	+0.06	+0.07%
	Natural Gas	2.553	-0.003	-0.12%
	Gold	1,965.70	+1.90	+0.10%
	Silver	25.070	+0.121	+0.48%
	Copper	3.9363	-0.0157	-0.40%
	US Soybeans	1,373.50	+5.25	+0.38%

	U.S. 10Y	3.764	+0.005	+0.13%
	U.S. 30Y	3.894	+0.002	+0.05%
	U.S. 5Y	3.945	+0.010	+0.27%
	U.S. 3M	5.432	+0.037	+0.69%
	US 10Y T-Note	113.03	-0.02	-0.01%
	Euro Bund	133.13	-0.05	-0.04%
	10-2 Yield Spread	-88.90	+2.24	+-2.46%

	Apple	190.56	+0.79	+0.42%
	Alphabet A	124.54	+5.61	+4.72%
	Tesla	277.90	+5.91	+2.17%
	Amazon.com	134.30	+3.50	+2.68%
	Netflix	450.17	+6.12	+1.38%
	Meta Platforms	313.41	+4.07	+1.32%
	Bank of America	29.67	+0.31	+1.06%

Most Popular Articles

Stock market today: Dow rides tech higher ahead of earnings from major... By Investing.com - Jul 13, 2023 14

XRP Climbs 11% As Investors Gain Confidence By Investing.com - Jul 13, 2023 2

St. Louis Fed president James Bullard steps down By Investing.com - Jul 13, 2023 6

U.S. PPI ahead, China trade data disappoints - what's moving markets By Investing.com - Jul 13, 2023 7

U.S. stocks are rising after another report showing cooling inflation By Investing.com - Jul 13, 2023 51

U.S. CPI Data in Focus: Base Effect to Aid Downtrend By Francesco Casarella - Jul 12, 2023 16

Top 20 Tech Stocks to Buy as Nasdaq Soars Amid Cooling Inflation By Jesse Cohen - Jul 13, 2023 8

3 Underperforming Stocks That Could Stage an Impressive Year-End... By Ismael De La Cruz - Jul 13, 2023 5

3 Stocks With Potential to Dethrone Nvidia in the AI Race By Ismael De La Cruz - Jul 12, 2023 8

Fed Anticipates End of Era for Stocks Amid Slowing Corporate Profit... By Michael Lebowitz - Jul 12, 2023 14

Central Banks Rates

	Central Banks		Interest Rates	Next Meeting
		FED	5.25%	Jul 26, 2023
		ECB	4.00%	Jul 27, 2023
		BOE	5.00%	Aug 03, 2023
		SNB	1.75%	Sep 21, 2023
		RBA	4.10%	Aug 01, 2023
		BOC	5.00%	Sep 06, 2023
		RBNZ	5.50%	Aug 16, 2023
		BOJ	-0.10%	Jul 28, 2023
		CBR	7.50%	Jul 21, 2023
		RBI	6.50%	Aug 10, 2023
		PBOC	3.55%
		BCB	13.75%	Aug 02, 2023