US500
-0.01%
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US2000
-0.77%
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IWM
-0.85%
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IXIC
+0.35%
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With the Fed signaling rate cuts for 2024, yesterday was another good day for markets, with the Russell 2000 (IWM) cashing in on its resistance pressure with a 3%+ gain. In doing so, it easily surpassed the August swing high on higher volume accumulation.
IWM-Daily Chart
The Nasdaq had already posted solid gains, but it was able to add to its push higher for a fifth day in a row. With the gain came a new MACD trigger ‘buy’ to return technicals to a net positive state.
COMPQ-Daily Chart
The S&P has extended itself to 9.2% above its 200-day MA and needs to be tracked to see when it reaches an historic extreme (above 10%); this is a good time to sell ‘covered calls’ or take profits on existing positions.
SPX-Daily Chart
My day-trade experiment was done before I could take advantage of the Fed’s reaction. The Russell 2000 trade was well-telegraphed, but I was not in a position to benefit. I suspect we will see some profit-taking after a sequence of profitable days, this will make day trading difficult as we will probably see some inconsistent action.
Source: Investing.com
