Small-Caps Still Struggling with Resistance

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U.S. markets closed in record territory on Friday with the Dow and S&P 500 extending their weekly winning streak to 7-straight with the latter setting a fresh intraday all-time and closing high. The Nasdaq posted a strong session after rising 2.2% following better-than-expected earnings from a number of Tech companies after Thursday’s closing bell.

The move above the 6,700 level and new lifetime high could lead to a blowoff top towards Nasdaq 7,000 at some point. Meanwhile, the Russell also settled in the green and back above the 1,500 level but closed the week with a one-point loss. The index has gone 16 sessions without taking out its all-time high north of 1,514 set at the beginning of the month. This remains a slightly bearish signal.

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