Small losses on light volume

A slow start after MLK day led to minor losses for markets. Technicals remain positive with the S&P enjoying a sharp uptick against Small Caps which experienced a loss (although not a great loss).  Indices remain defined inside existing rising channels, or in the case of the Nasdaq, just above.

The lack of a significant loss in the S&P helped keep the indices inside their narrow channel.

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Nasdaq Accelerate Rally

The Nasdaq is accelerating through channel resistance as relative performance continues its run of good form. Technicals are all good as Friday's action registered as accumulation.

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Small Caps Make Hay

It was another good day for indices with Small Caps taking the title as "Index of the Day". Small Caps have been feeling a little left out as 2020 rolled in (based on relative performance to Tech and Large Cap Indices), but today saw some of this lost ground returned.

The Russell 2000 (through the $IWM ETF) still has to reverse the MACD 'sell' and it will need more than a few days of gains to reverse the relative underperformance. Volume was a little light, but this can build if these gains continue.

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Friday's losses reverse with Nasdaq acceleration kicking off

The week started brightly, although buying volume was light. However, the Nasdaq is looking to accelerate its rally as today's gain pushes against channel resistance. Given broad technical strength I would look to see a break by the end of the week.

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