Bulls Put On The Pressure

Markets finished Friday with a little flourish on higher volume accumulation. How much pressure varied between indices.

The Russell 2000 rallied off rising support as a 3-week bull flag takes shape. Watch for the confirmation breakout which will coincide with a challenge on the early June 'bull trap'.  I'm liking action in this index.

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Russell 2000 at Rising Support

There wasn't much to say about today, but the one index which caught my attention was the Russell 2000. The index caught a bounce in demand at the rising trendline and also did enough to recover the 20-day MA. Traders looking for pullback opportunity could take a look at the Russell 2000. Stops on a loss of 1,397.

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S&P Bull Trap on Higher Volume Distribution

Yesterday's market gains were whipped away on higher volume distribution. This opened shorting opportunities in indices other than the Semiconductor Index.

The S&P closed with a 'bull trap' on higher volume distribution.  Shorts could look to a position here with a stop on a move above 2,453. Technicals are still bullish but On-Balance-Volume and the MACD are vulnerable.

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S&P Breakout + Tech Support Bounce

If volume wasn't just a little disappointing this would have been considered a super solid day for bulls. Having said that, shorts will be feeling the squeeze and anyone short the Dow Jones would have been feeling particularly aggrieved.

Momentum bull-runner the Dow Jones gapped at the open and finished at the high of the day. Relative performance actually dropped a little but the Dow is clawing back 6-months of under-performance so it can be forgiven for this.

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