Semiconductors Boost Nasdaq, S&P Seeks Recovery

Nvidia

Declan Fallon wrote an article on the Stock Markets. It was published on May 30, 2023 at 03:35AM ET.

Bulls had a good day on Friday, but not enough volume. All the indexes went up, even the struggling ($IWM). However, not all my individual stocks made gains.

They had a good time because the action was exciting and followed a pattern they knew well. Right now, they're trading over 12% higher than their 200-day MA, which is close to 15% of past prices and could mean it's time to sell or take profits. The technicals look good and they're doing better than other indexes.

The Nasdaq gets power from Semiconductors growth. This is good news for business. Even if a recession is coming, it might not last long.

The S&P 500 is trying to break the "bull trap" of last week. Technical indicators are now showing a bullish outlook. The MACD and On-Balance-Volume went back to a "buy". The ADX and Stochastics also showed bullish signals.

The Russell 2000 had a quiet day. It needs to keep its support at 50-day MA. After that, it can try to reach 200-day MA. The technicals are not as good as Nasdaq and S&P 500. On-Balance-Volume is on a 'sell' trigger and it has been worse than Nasdaq since March. But we will celebrate the small wins for now.

Next week, we want the S&P 500 to surpass the 'bull trap' so that bulls can concentrate on the Russell 2000. Though my holdings aren't doing as well as they should be, the percentage of Nasdaq Stocks above the 50-day MA is increasing.

Read more
Similar news
This week's most popular news