The Russell 2000 remained the lead index with a respectable gain, but there was no advance on the morning gap.
The Nasdaq popped its head over the 5-day consolidation resistance, with On-Balance-Volume returning to a 'buy' trigger, although the volume trend remains bearish.
The S&P also cleared its consolidation on higher volume accumulation. Technical strength remains good, even if relative strength clearly shows the index as a laggard.
Will Friday deliver the bullish follow through? Today marked breakouts for the key indices, but there is a risk of 'false breakouts', particularly if indices are pushed back into the prior 5-day consolidation. A break of the 6-day low for any of the aforementioned indices would mark a confirmed 'false breakout' and offer a short play.
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