Nasdaq, S&P 500 Hold Onto Weekly Support; Russell 2000 in Trouble: What's Next?

Stocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, iShares Core S&P 500 ETF, SPDR® S&P 500. Read Declan Fallon's latest article on Investing.com

The S&P 500 has posted a 'bullish' hammer on 4,275 support, although the reversal potential of this candlestick is reduced by intermediate-term momentum caught in a bit of no-mans land, but short-term momentum is oversold and volume registered as accumulation. What the strong finish has also done is set up a new relative performance high against Small Caps via the Russell 2000 ETF .The Nasdaq has also rallied from 13,000 support and has a number of convergences working in its favor.

American shares have been the upside outlier for performance leadership for much of the year for the major asset classes, based on a set of proxy ETFs through Friday’s close... For Q1 ’23 earnings, the “upside surprise” or beat rate for Q1 ’23 S&P 500 EPs was 6.8%%; For Q2 ’23 earnings, the “upside surprise” or beat rate for Q2 ’23 S&P 500 EPS was even...We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.

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