Thursday, May 21, 2015

Markets Add To Gains

After yesterday's FOMC minutes there wasn't a follow through to the end of day selling.  Buyers were able to control the day's action with a return to highs. The S&P shaped a handle well above 2115 support, and is again in the process of outperforming the Russell 2000.

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Wednesday, May 20, 2015

Market Indecision

A day of whipsaw for the markets with the FOMC Minutes not pushing the market in a decisive move one way or the other. The S&P is holding its breakout, and sticking above 2115 support, although it lost further ground against the Russell 2000.

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Tuesday, May 19, 2015

Minor Losses But Distribution Returns

The S&P dropped just over a point, but finished above 2119 support. Today's action holds the gain and remains in bullish mode. Technicals are bullish, although the relative performance against the Russell 2000 has dropped off markedly, which is better for the broader rally, even if bad for the S&P in the near term.

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Monday, May 18, 2015

Week Starts Brightly

With the weekend behind us traders had a chance to digest last week's gains, and the decision was to keep on going. The Russell 2000 had the best of the action with a 1% gain. The index cleared both 20- and 50-day MAs with resistance up around 1,268 and a chance to challenge the 'bull trap'.

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