Top 10 Report – May 20, 2020

The Indexes

The NASDAQ gapped up and rallied on heavier volume Monday, then pulled back on lighter volume yesterday as it continued to make constructive progress higher so far this week.

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, despite gapping up and reclaiming its shorter-term moving averages with feeling on Monday.

The small-cap Russell 2000 gapped up and reclaimed all of its moving averages Monday, then proceeded to pullback to its 65-EMA on lighter volume yesterday, although its long-term 200-DMA is still a good bit higher.

The DOW’s action action so far this week has mimicked the Russell 2000’s almost perfectly, except that it finished yesterday’s session a hair below its 65-EMA, which hardly matters.

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May 20, 2020