Top 10 Report – May 18, 2020

The Indexes

The NASDAQ pulled back to logical support at the confluence of its 21-DMA and 23-EMA last week, where it ultimately bounced and rallied to finish the week back above the 9,000 level, as it continued to work its way constructively higher.

The S&P 500 has continued to sketch out a similar pattern to the NASDAQ, although it is still lagging below its long-term 200-DMA and it’s still struggling to reclaim its shorter-term moving averages.

The small-cap Russell 2000 continued to fall below its 65-EMA last week, successfully retested it 50-DMA and even though it ultimately bounced and rallied with the other major indexes last Thursday and Friday, it continues to struggle below the rest of its moving averages.

The DOW continued to fall below its 65-EMA last week, successfully retested it 50-DMA and even though it bounced and rallied with the other major indexes last Thursday and Friday, it continues to struggle below the rest of its moving averages, in a similar manner to the Russell 2000.



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