The US indices continue their quiet consolidation this week, providing little opportunity for day trades. Instead, our focus remains firmly on the ongoing swing trades.
Technically, here’s where we stand across the major indices:
📈 S&P 500 (SPX)
The index is pushing new highs, now trading around 6,294. The breakout from the consolidation zone above 6,098 has held with strength. RSI remains elevated, approaching overbought territory, and PPO shows continued bullish separation. Despite the run-up, there’s currently no sign of a bearish cross or divergence, which suggests momentum could still carry this move higher in the short term.
📈 NASDAQ (NDX)
Similarly, the NASDAQ is trading around 23,000 after breaking out from the 22,120 resistance zone. RSI is rising toward overbought, and PPO remains in a bullish formation with rising histogram bars. Volume has been modest but consistent. This index remains one of the strongest leaders, and we are watching closely for signs of exhaustion at these levels.
📈 Dow Jones (DJI)
The Dow is consolidating just below its recent high of 44,969. Price action is currently holding above the 21 EMA, and RSI is trending sideways just below 70. PPO is flat but still in bullish territory. Traders should note this index hasn’t pushed quite as aggressively as the tech-heavy NASDAQ, making it potentially more reactive to macro news catalysts.
📈 Russell 2000 (IWM)
Small caps are holding above the 2,250 breakout zone after clearing the 2,129 resistance. This index has lagged on strength but is now showing signs of upward continuation, with PPO lines still separating positively and RSI holding in the 55–60 zone. Support remains at 2,129, and bulls will want to see continued closes above this area.
While the market is lacking intraday volatility for day trading setups, broader trends remain intact across all indices. Overbought conditions are building, but there are no clear reversal signals yet. We remain positioned in swing longs and will provide updates on any exits or adjustments in the coming sessions.
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