US Smallcaps have hit a new all time high. It has been a clear breakout and the trend is positively up.
The index has broken above a multi month resistance. Monthly MACD has also given a crossover after going below 0.
In india while Nifty has hit an ATH, the smallcap index is still 30% below its all time high in Jan 2018.
Monthly MACD has given a crossover after going below 0. It now needs to capture its all time high and then move on from there. The anomaly between US smallcaps and Indian Smallcaps should not last long. The broader market rallying is a good sign for Nifty too as it shows breadth. So 9600-9700 on the index is the first target for this move.