No Day Trades Today: Focus Remains on Broader Market Structure
The NASDAQ and S&P 500 have now officially broken above their previous all-time highs, signaling strong bullish momentum. However, due to extended short-term conditions and stretched intraday indicators, we will not be taking any day trades today.
Meanwhile, the Russell 2000 is testing its 200-day moving average, and the Dow Jones has just broken out above it. This suggests that while the broader market is strong, small caps and the Dow are lagging, which may offer a more attractive opportunity for long-term investors compared to the already extended S&P and NASDAQ.
🔍 Chart Analysis
📈 NASDAQ 100 (NDX)
- Clean breakout above previous highs with PPO expanding and RSI near 70.
- Daily momentum remains bullish, but on the hourly timeframe RSI is overbought at 77, increasing the chance of a short-term pullback.
- PPO is flattening on the hourly chart – suggesting a potential slowing of momentum.
📈 S&P 500 (US500)
- Similar structure with RSI at 77.7 on the hourly, and PPO flattening after a strong run-up.
- Daily remains in a strong uptrend with all moving averages aligned.
- A short-term pullback to the 6070–6040 area could offer a better long setup.
📈 Dow Jones (DJI)
- Just broke above 43,000 and the 200-day moving average.
- RSI at 63.6 and PPO crossing over bullishly—this breakout looks strong with room to run.
📈 Russell 2000 (RUT)
- Testing the 200-day moving average and key horizontal resistance near 2180.
- PPO is turning bullish and RSI at 61.6 leaves some upside room.
- If it clears 2180 with volume, a strong rally may follow.
🧭 Summary
- Bias: Bullish on all indices.
- Short-Term Note: Hourly RSI on S&P and NASDAQ are overbought—look out for minor intraday pullbacks.
- Opportunity: Dow and Russell are catching up, offering potential swing or long-term setups.
- No day trades today due to extended intraday conditions.
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