Briefly...

My internet connection is real slow at the moment, so it's taken twice as long to do anything. As a result, I don't have time to take a look at the charts. One chart I am watching closely is the Percentage of Nasdaq Stocks above the 50-day MA. Today saw a net bullish return for technicals, but bulls need this to hold above 50% to suggest they are in control.

The Russell 2000 gave a taste of what is to come by breaking from the first of its bases. This is good news for the S&P and Nasdaq as money flows into more speculative issues. Next up is 1,220.

The Nasdaq is challenging the January swing high, but will face a greater challenge at 4,810. Technicals still show bullish 'buy' triggers, most recently in the MACD.

The S&P finished the day bang on resistance. Will tomorrow be the day?

Tomorrow looks like it will be left to bulls to press today's advantage. The S&P is best positioned to follow the lead in the Russell 2000, but the Nasdaq is not too far behind!

You've now read my opinion, next read Douglas' and Jani's.

---

Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.

Follow Me on Twitter

Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. You can read what others are saying about Zignals on Investimonials.com.

JOIN ZIGNALS TODAY - IT'S FREE!