Bounce from Support in Russell Predicted Recent Rally – All Star Charts
The IPO market has carried on with strength in recent weeks, with the likes of Zoom and Beyond Meat grinding higher on impressive early numbers. Technicals have also looked bullish, with major indexes including the Russell 2000 bouncing off important support levels. That suggests a positive outlook in the near term, as highlighted in All Star Charts Institutional’s Top 10 Charts of the Week.
“Last week we noted in several of our posts that the weight of the evidence was shifting and that the growing number of positives indicated a tradeable low was likely in,” All Start Charts Institutional wrote in a client note. “So far many of the indexes we were watching have held their initial tests of support. For example, the Russell 2000 tested 144 briefly and quickly reversed higher, confirming that buyers are retaking control in the near-term. Now we’re watching to see how this bounce develops and gathering information about the strength of both buyers and sellers in Equities as an asset class.”
Read the full Top 10 Charts of the Week here. For information about how to subscribe and receive the charts Wednesday, two days before before they are published on IPO Edge, contact All Start Charts Institutional Sales.
