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Tech Weighs on S&P, But Money Rotates to Dow, Russell
Danny Riley
June 25, 2024
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Despite some good ES rips, the weakness in the NQ was overwhelming. After a three-week winnings streak, it was a big rotation out the Nasdaq (and somewhat the ES) and into the Dow and Russell. Or should I say the beaten down Russell?
The YM settled at 39,858.00, up 275 points or 0.69% and the Russell 2000 (RTYU4) settled at 2,054.10, up 10.70 points or +0.54%. There has been a big run in the hot names and Nvidia pulled the ES and NQ down.
Again, I wrote about how far the S&P has gone as a warning not to get overly bullish into a push. I don’t think the ES will go down a lot, but it did start taking out the sell stops at the 5520.00 level.