Chart of the Day – Tuesday, May 28, 2024
5 months ago
2 MIN READ
Where are we in relation to those mid/late March highs?
Nasdaq 100 $QQQ: above
Russell 2000 $IWM: below
Dow Jones $DIA: below, following a pretty weak initial attempt pic.twitter.com/Tph30p8IWU— Ian McMillan, CMT (@the_chart_life) May 28, 2024
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life).
- From top to bottom are daily charts of the Nasdaq 100 ($QQQ), the Russell 2000 ($IWM), and the Dow (DIA) over the past three months.
- Ian points out that the Nasdaq is comfortably above its March highs, while the Russell 2000 and the Dow are trapped below their respective March highs.
- The bulls took a victory lap two weeks ago as the Dow crossed 40k for the first time in history. However, the Dow has relapsed below 40k and its March highs, marking a potential Failed Breakout. Meanwhile, the Russell 2000 remains so anemic that it never even broke out.
The takeaway: The major indices look pretty different right now, depending on how much Tech exposure they have. Tech-heavy indexes like the Nasdaq and the S&P 500 remain intact, while the other major indexes have considerable damage to repair.
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