US Indices Rise, Russell2000 Leads Gains
DJIA Technical Analysis
The DJIA is currently priced at 46,654.9, reflecting a slight decrease of 0.22% today. This movement places the index just below its 20-day moving average (MA20) of 46,167 and above its 50-day (MA50) and 200-day (MA200) moving averages, which are 45,371.38 and 43,320.54 respectively. This positioning above all major moving averages indicates a strong bullish trend over the medium to long term.
The Bollinger Bands show the index nearing the upper band at 46,807.75, with the current price slightly below this level, suggesting a potential resistance zone. The lower band is at 45,526.26, which could act as support in the event of a price decline.
The Relative Strength Index (RSI) at 65.39 is approaching the overbought territory, which typically starts at 70. This could indicate a potential slowdown or reversal if the index continues to rise and crosses this threshold. Meanwhile, the Moving Average Convergence Divergence (MACD) at 345.64 is above its signal line at 334.85, reinforcing the current bullish momentum. The positive MACD indicates that the upward trend might continue in the short term.
The index’s current price is close to its 3-day high of 47,049.64 and significantly above its 3-day low of 46,283.57. The proximity to the 52-week and YTD high, both at 47,049.64, suggests that the index is testing key resistance levels.
The Average True Range (ATR) at 376.49 points to moderate volatility, which could mean potential price swings are expected to be substantial, offering opportunities for traders to capitalize on these movements.
In summary, the DJIA is exhibiting a strong bullish trend with potential resistance near its recent highs. Investors should watch for signs of reversal if the RSI enters overbought territory or if the index fails to breach the current resistance level. The positive MACD suggests continued upward momentum, but caution is advised given the approaching overbought conditions and significant recent gains.
Technical Metrics
| Metric | Value |
|---|---|
| Current Price | 46654.90 |
| Today’s Change (%) | -0.22 |
| 20-day MA | 46167.00 |
| % from 20-day MA | 1.06 |
| 50-day MA | 45371.38 |
| % from 50-day MA | 2.83 |
| 200-day MA | 43320.54 |
| % from 200-day MA | 7.70 |
| Bollinger Upper | 46807.75 |
| % from BB Upper | -0.33 |
| Bollinger Lower | 45526.26 |
| % from BB Lower | 2.48 |
| RSI (14) | 65.39 |
| MACD | 345.64 |
| MACD Signal | 334.85 |
| 3-day High | 47049.64 |
| % from 3-day High | -0.84 |
| 3-day Low | 46283.57 |
| % from 3-day Low | 0.80 |
| 52-week High | 47049.64 |
| % from 52-week High | -0.84 |
| 52-week Low | 36611.78 |
| % from 52-week Low | 27.43 |
| YTD High | 47049.64 |
| % from YTD High | -0.84 |
| YTD Low | 36611.78 |
| % from YTD Low | 27.43 |
| ATR (14) | 376.49 |
The technical outlook for the DJIA shows a generally bullish trend as indicated by its current position relative to key moving averages and Bollinger Bands. The index is trading above its 20-day (46167.0), 50-day (45371.38), and 200-day (43320.54) moving averages, suggesting a strong upward momentum over short, medium, and long-term periods. The proximity of the current price (46654.9) to the upper Bollinger Band (46807.75) also highlights the ongoing bullish sentiment, although it is nearing a potential resistance zone.
The Relative Strength Index (RSI) at 65.39 points to a somewhat overbought condition but does not yet signal a major reversal, indicating that the upward momentum could sustain. The MACD value (345.64) above its signal line (334.85) further supports the bullish momentum, suggesting continued buying interest.
Volatility, as measured by the Average True Range (ATR) of 376.49, remains relatively high, indicating that significant price movements are still possible. The index’s recent performance, trading close to its 52-week and year-to-date highs, underscores a strong bullish market sentiment.
Key support and resistance levels to watch are the recent 3-day low at 46283.57 and the 3-day high at 47049.64, respectively. A break beyond these levels could signal further directional movement. Overall, the market sentiment remains positive, but traders should be cautious of potential volatility and resistance near all-time highs.
S&P500 Technical Analysis
The S&P 500 index is currently priced at 6739.61, showing a modest increase of 0.35% today. The index is trading near its 52-week and year-to-date highs, both marked at 6750.87, indicating a strong bullish trend. The proximity to these highs, with only a -0.17% difference, suggests potential resistance near this level.
The index’s moving averages (MA) provide a clear bullish signal, with the current price above the 20-day MA (6640.19), 50-day MA (6503.94), and significantly above the 200-day MA (6034.33). The ascending order of these MAs confirms a strong upward trend over the short, medium, and long term.
Bollinger Bands show the current price nearing the upper band (6759.64), which typically acts as a resistance level. The narrow gap between the current price and the upper band may indicate limited upward movement in the short term unless a breakout occurs.
The Relative Strength Index (RSI) at 71.42 suggests the index is approaching overbought territory, which could signal a potential pullback or consolidation if the index does not break past the current resistance levels.
The Moving Average Convergence Divergence (MACD) at 64.98, above its signal line at 62.89, supports the bullish momentum. However, traders should watch for any crossover below the signal line as it may indicate a weakening in the current trend.
The Average True Range (ATR) at 47.87 points to moderate volatility, aligning with the recent price range and movements.
In summary, the S&P 500 exhibits strong bullish signals with its price above all key moving averages and near its 52-week and YTD highs. However, the proximity to the upper Bollinger Band and a high RSI value suggest caution for potential resistance or a short-term pullback. Investors should monitor these levels and indicators closely for signs of a trend reversal or continuation.
Technical Metrics
| Metric | Value |
|---|---|
| Current Price | 6739.61 |
| Today’s Change (%) | 0.35 |
| 20-day MA | 6640.19 |
| % from 20-day MA | 1.50 |
| 50-day MA | 6503.94 |
| % from 50-day MA | 3.62 |
| 200-day MA | 6034.33 |
| % from 200-day MA | 11.69 |
| Bollinger Upper | 6759.64 |
| % from BB Upper | -0.30 |
| Bollinger Lower | 6520.74 |
| % from BB Lower | 3.36 |
| RSI (14) | 71.42 |
| MACD | 64.98 |
| MACD Signal | 62.89 |
| 3-day High | 6750.87 |
| % from 3-day High | -0.17 |
| 3-day Low | 6693.23 |
| % from 3-day Low | 0.69 |
| 52-week High | 6750.87 |
| % from 52-week High | -0.17 |
| 52-week Low | 4835.04 |
| % from 52-week Low | 39.39 |
| YTD High | 6750.87 |
| % from YTD High | -0.17 |
| YTD Low | 4835.04 |
| % from YTD Low | 39.39 |
| ATR (14) | 47.87 |
The S&P 500 is currently exhibiting a bullish technical posture, as evidenced by its current price of 6739.61, which is above all key moving averages (MA20, MA50, MA200). This positioning indicates a strong upward trend over short, medium, and long-term periods. The index is trading near its upper Bollinger Band and just shy of its 52-week and year-to-date highs, suggesting a potential resistance around the 6750.87 level. If the index surpasses this point, it could signal further bullish momentum.
The Relative Strength Index (RSI) at 71.42 is in the overbought territory, which sometimes precedes a pullback or consolidation. However, the Moving Average Convergence Divergence (MACD) above its signal line supports the continuation of the current upward trend. The Average True Range (ATR) of 47.87 indicates moderate volatility, supporting potential price swings that could be leveraged by agile traders.
Key support levels to watch are the lower Bollinger Band at 6520.74 and the MA20 at 6640.19. A break below these levels could indicate a shift in market sentiment towards bearishness. Overall, the market sentiment remains positive, but traders should be cautious of potential reversals given the overbought RSI conditions.
NASDAQ100 Technical Analysis
The NASDAQ100 index is currently exhibiting bullish trends, as evidenced by its current price of 24,991.84, which is above all its major moving averages (20-day at 24,457.75, 50-day at 23,854.94, and 200-day at 21,698.1). This indicates a strong upward momentum over short, medium, and long-term periods.
The index’s price is near the upper Bollinger Band (25,110.95), suggesting that it is approaching overbought territory. This is further supported by the Relative Strength Index (RSI) of 70.75, which is just above the commonly used overbought threshold of 70. This could signal a potential pullback or consolidation in the near term if the index cannot sustain its upward momentum.
The Moving Average Convergence Divergence (MACD) at 317.22, above its signal line at 300.74, confirms the ongoing bullish momentum, as this indicates that the short-term price trend is stronger than the long-term trend, reinforcing the potential for continued upward movement.
The index is currently trading just below its 3-day and 52-week high of 25,008.08, indicating a testing of resistance levels. The Average True Range (ATR) of 234.94 points to a relatively high level of volatility, which could mean larger price swings are possible, offering both risk and opportunity.
Considering the proximity to the upper Bollinger Band and the high RSI, traders should watch for signs of reversal or consolidation. However, the strong MACD and prices well above moving averages suggest any pullback might be short-lived, with the underlying bullish trend potentially resuming thereafter.
Technical Metrics
| Metric | Value |
|---|---|
| Current Price | 24991.84 |
| Today’s Change (%) | 0.83 |
| 20-day MA | 24457.75 |
| % from 20-day MA | 2.18 |
| 50-day MA | 23854.94 |
| % from 50-day MA | 4.77 |
| 200-day MA | 21698.10 |
| % from 200-day MA | 15.18 |
| Bollinger Upper | 25110.95 |
| % from BB Upper | -0.47 |
| Bollinger Lower | 23804.54 |
| % from BB Lower | 4.99 |
| RSI (14) | 70.75 |
| MACD | 317.22 |
| MACD Signal | 300.74 |
| 3-day High | 25008.08 |
| % from 3-day High | -0.06 |
| 3-day Low | 24713.58 |
| % from 3-day Low | 1.13 |
| 52-week High | 25008.08 |
| % from 52-week High | -0.06 |
| 52-week Low | 16542.20 |
| % from 52-week Low | 51.08 |
| YTD High | 25008.08 |
| % from YTD High | -0.06 |
| YTD Low | 16542.20 |
| % from YTD Low | 51.08 |
| ATR (14) | 234.94 |
The NASDAQ100 index exhibits a bullish technical outlook as it currently trades above its key moving averages (20-day, 50-day, and 200-day), indicating a strong upward trend. The index’s current price is near the upper Bollinger Band, suggesting that it is approaching overbought territory, which is further supported by an RSI of 70.75. This level is close to the threshold of 70, typically indicative of potential overbought conditions and could signal a forthcoming pause or pullback in the index’s upward momentum.
The MACD value stands at 317.22, above its signal line at 300.74, reinforcing the bullish momentum in the short term. However, traders should watch for any crossover below the signal line as an indication of a potential reversal or slowdown in the bullish trend.
The Average True Range (ATR) of 234.94 points to a relatively high level of recent volatility, which could lead to significant price swings. This should be considered by traders managing risk.
Key support and resistance levels are identified by recent price activity and Bollinger Bands. Immediate resistance can be seen around the recent 52-week and YTD high at 25008.08, while support might be found at the lower Bollinger Band at 23804.54. Given the proximity to its recent highs and the strong upward trend, market sentiment appears positive, but caution is warranted near these resistance levels due to potential overbought conditions.
RUSSELL2000 Technical Analysis
The Russell 2000 index is currently priced at 2501.34, marking a 1.02% increase today. This performance places it just below its 52-week and year-to-date high of 2501.92, suggesting a potential resistance level near this peak. The index shows a strong upward trend as indicated by its position above all key moving averages (20-day MA at 2433.08, 50-day MA at 2348.76, and 200-day MA at 2186.2), reflecting sustained bullish momentum over short, medium, and long-term periods.
The Bollinger Bands reveal that the current price is slightly above the upper band (2496.57), which typically signals an overextended market condition that might correct slightly or consolidate. The Relative Strength Index (RSI) at 70.13 further supports this, as it is in the lower threshold of the overbought territory, suggesting caution among buyers at these levels.
The Moving Average Convergence Divergence (MACD) at 33.49 with a signal line at 32.98 indicates a bullish momentum as the MACD line is above the signal line. However, the proximity of these two lines suggests that the upward momentum might be losing some strength.
The Average True Range (ATR) stands at 30.11, pointing to a relatively high level of market volatility, which is typical for indices like the Russell 2000 that include smaller, more volatile stocks.
Given the index’s proximity to its recent highs and its position relative to the Bollinger Bands and RSI, investors might watch for potential pullbacks or consolidations. However, the overall trend remains robustly positive, supported by the significant gaps above all major moving averages. Investors should monitor for any MACD crossovers or significant RSI changes for signs of momentum shifts.
Technical Metrics
| Metric | Value |
|---|---|
| Current Price | 2501.34 |
| Today’s Change (%) | 1.02 |
| 20-day MA | 2433.08 |
| % from 20-day MA | 2.81 |
| 50-day MA | 2348.76 |
| % from 50-day MA | 6.50 |
| 200-day MA | 2186.20 |
| % from 200-day MA | 14.41 |
| Bollinger Upper | 2496.57 |
| % from BB Upper | 0.19 |
| Bollinger Lower | 2369.60 |
| % from BB Lower | 5.56 |
| RSI (14) | 70.13 |
| MACD | 33.49 |
| MACD Signal | 32.98 |
| 3-day High | 2501.92 |
| % from 3-day High | -0.02 |
| 3-day Low | 2435.79 |
| % from 3-day Low | 2.69 |
| 52-week High | 2501.92 |
| % from 52-week High | -0.02 |
| 52-week Low | 1732.99 |
| % from 52-week Low | 44.34 |
| YTD High | 2501.92 |
| % from YTD High | -0.02 |
| YTD Low | 1732.99 |
| % from YTD Low | 44.34 |
| ATR (14) | 30.11 |
The technical outlook for the Russell 2000 index suggests a bullish trend, as evidenced by its current price of 2501.34, which is well above its 20-day, 50-day, and 200-day moving averages (MA). The index’s price surpassing these key MAs indicates strong upward momentum, with the 20-day MA at 2433.08, the 50-day at 2348.76, and the 200-day at 2186.2.
The index is currently trading just above the upper Bollinger Band (2496.57), suggesting it might be slightly overextended in the short term. However, the Bollinger Bands are relatively wide, with the lower band at 2369.6, indicating ongoing volatility.
The Relative Strength Index (RSI) at 70.13 is near the overbought threshold, which could signal a potential pullback or consolidation in the near future. The Moving Average Convergence Divergence (MACD) at 33.49, slightly above its signal line at 32.98, supports the bullish momentum but also warrants caution for potential overextension.
The Average True Range (ATR) at 30.11 reflects moderate volatility, which is consistent with the index’s recent price movements. Key resistance is now at the recent 52-week high of 2501.92, with support likely around the 2435.79 level, the recent 3-day low.
Overall, market sentiment appears positive, but investors should watch for signs of a possible retracement given the proximity to overbought conditions and resistance levels.
