Large Caps added to yesterday's breakouts, but the gains were relatively minor. However, further pressure will have been added to any outstanding short positions as volume climbed to register an accumulation day. The S&P also finished with a MACD trigger 'buy' (with the signal line well above the bullish zero line - a strong 'buy' signal).
Small Caps bucked the trend by closing the day flat. Yesterday's sub-channel breakout stands, but the long standing relative loss against the Nasdaq accelerated.
Bulls hold the cards. and stops can go on a loss of the breakout (i.e. a confirmed 'bull trap').
---
All Contributions Welcome - Thank You!
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!