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Rotation from Big Tech to Small Caps

Written By: ChartChamp

July 15, 2024

We are now halfway into the month of July and the stock market is showing some very bullish momentum. The NASDAQ is forming a strong rising channel between the two yellow lines, There has been a short-term correction within his channel, and I believe there is a rotation from big tech stocks to small caps.

S&P Continues to Rally

The S&P continues to show bullish momentum above an important white resistance line. We are seeing a melt up for the S&P, and I believe we will continue to see new all time highs. There has been a larger correction for the NASDAQ compared to the S&P.

Nice Volume with IWM’s Bullish Breakout

IWM has formed a bullish breakout, and we are seeing some follow up volume to help IWM rally. Small caps have really struggled while the Mag 7 have hoarded most of the stock market gains. It is nice to see small caps get some love here, and we are likely to see some upside in July and August.

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