Russell 2000 looks to end quarter at a new 52-week high

With the stock market closed tomorrow, today is the end of the month and the quarter for stocks.

The Russell-2000 of small-cap stocks are doing the best of the major US indices today with a gain of 0.89% and in the process is trading to a new high for 2024. The price is also extending at the highest level since March 31, 2022 – 52 weeks ago.

Looking at the daily chart, the price reached a high of 2135.45 today. The next target comes in at the 61.8% of the move down from the 2021 high at 2143.63. Getting above that level would also take the price above March 2022 high at 2138.82, and take the price to the highest level since January 2022.

The Russell 2000 all-time high price was reached in the week of November 1, 2021 at 2458.85. The current price is still 15.45% away from that all-time high closing level.

Meanwhile, the S&P index is trading up 2.55 points or 0.05% at 5250.82. The index closed at a all-time record level yesterday, but is still short of its all-time intraday all-time high of 5261.10. The price today reached 5256.05 so far.

The NASDAQ index is trading down -15 points or -0.09% at 16385.68. In March, the NASDAQ index extended to Penn all-time high level of 16538.86.

The Dow industrial average also reached a new all-time high level of 39,889.05 – just short of the 40K level. The Dow industrial average moved above the 30,000 level for the first time back in November 2020.

How are the major indices doing in the quarter?

• Dow industrial average is up 5.51%
• S&P index is up 10.10%
• NASDAQ index is up 9.16%
• Russell 2000 is up 5.17%.

This article was written by Greg Michalowski at www.forexlive.com.