Nasdaq Reasserts Itself vs. the Russell 2000
One common pattern this year has been sporadic rallies in the 
Russell 2000, followed by longer periods of malaise. We saw it in June, early August and again in the last 1-2 weeks. Each time, it’s been followed by a shift back to Big Tech, Growth and the Nasdaq-100.
The same process seems to be happening right now. This chart shows our Smart Relative Strength indicator, comparing the Nasdaq-100 to the S&P 500 with a 21-day interval. Notice how it started turning positive last week and has continued since.
There are some other bullish signs for the Nasdaq. One is the bounce around 10,800. This was an important consolidation zone in July following a large engulfing candle.
Another potentially bullish sign is the way prices snapped back above the 50-day simple moving average (SMA) on September 28. It’s held that line since amid some retests below. NDX also held the 21-day exponential moving average (EMA).
Finally, MACD is now rising.
The Nasdaq didn’t have a lot of catalysts in September, and its heavy price action reflected that. Now with
Apple’s product launch and 
Amazon Prime Day tomorrow, price action is starting to perk up.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Russell 2000, followed by longer periods of malaise. We saw it in June, early August and again in the last 1-2 weeks. Each time, it’s been followed by a shift back to Big Tech, Growth and the Nasdaq-100.The same process seems to be happening right now. This chart shows our Smart Relative Strength indicator, comparing the Nasdaq-100 to the S&P 500 with a 21-day interval. Notice how it started turning positive last week and has continued since.
There are some other bullish signs for the Nasdaq. One is the bounce around 10,800. This was an important consolidation zone in July following a large engulfing candle.
Another potentially bullish sign is the way prices snapped back above the 50-day simple moving average (SMA) on September 28. It’s held that line since amid some retests below. NDX also held the 21-day exponential moving average (EMA).
Finally, MACD is now rising.
The Nasdaq didn’t have a lot of catalysts in September, and its heavy price action reflected that. Now with
Apple’s product launch and Amazon Prime Day tomorrow, price action is starting to perk up.TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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