A week after a bullish golden cross pattern formed in the Dow Jones Industrial Average, a pair of important stock-market indexes are also beginning to...
A week after a bullish golden cross pattern formed in the Dow Jones Industrial Average DJIA, +1.30%, a pair of important stock-market indexes are also beginning to generate upbeat chart formations—suggesting that a mostly technology-driven rally may be fanning out to other sectors of the market.
On top of that, the small-capitalization Russell 2000 index RUT, +0.98% also wasn’t far from a golden cross in its charts, with the index’s 50-day moving average at 1,457.54, and its 200-day at 1,467.84. The technology-heavy Nasdaq Composite Index COMP, -0.38% has registered 32 records so far in 2020, while the S&P 500 SPX, +0.27% is less than 1% below its most recent record closing high put in on Feb. 19 and the Dow industrials are within 6% of their Feb. 12 record closing peak.
That said, transports saw a more pronounced fall ahead of the lows as did small-caps, and neither the transports nor the Russell 2000 index have put in a record close in nearly two years.
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