Like SP500 and other U.S. indexes, Fueled by Investor predict the fed will stop hiking interest rate.
PukaCharts
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@financialfreedomgoals101, Interest rate pauses have resulted increased S&P500 price action in the past. Typically rate pauses are 6 months are longer.
Redflag
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It’s not just small caps. The same pennant has formed in the Dow Jones & the S&P
PukaCharts
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@Redflag, I have shared a 6 chart screen to illustrate the similarities of these and almost all pennants and ascending triangles have broken to the upside. I also last week shared a 4 index charts for Vanguard Total World Stock Index ETF - VT, iShares Global Energy ETF IXC, Global X FinTech ETF FINX and Global X Blockchain ETF BKCH. All are showing that they are breaking into a longer term potential bull trend. That does not mean we could not have a 15% draw down along the way.
The formation of the pennant in the RUA chart right at a crucial boundary does make it a key scenario to watch. The upward sloping 200 SMA adding support is definitely a positive sign. Curious to see how it tackles that diagonal resistance ahead! 🌴🔍
PukaCharts
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@MyCryptoParadise_Nathan, Its an interesting set up and depending on what happens next will be a key indicator on the direction of smaller business in the US