The top performing index on the day was the Russell 2000. It managed to add another decent gain o keep the string of higher closes running. It didn't quite close above 1,200, but it may do so Friday (with the aforementioned caveat of holiday trading). Overall action in this index has been positive, and relative performance to other indices continues to improve.
The Nasdaq is also ready to break higher. Yesterday's good response to the negative news headlines has given bulls confidence. There was a 'buy' trigger in On-Balance-Volume.
If there is an index to lead the breakout it would be the Nasdaq 100. While its proximity to resistance makes the risk:reward more attractive to shorts, bulls can be patient waiting for the move above 4,700.
Tomorrow's Thanksgiving and Friday's half-day means we are looking to next week before we can consider a concerted response to recent buying. I'll be back on Monday. Safe travels for those in transit home for the holiday. Have a great Thanksgiving break...
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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