The S&P put some distance on its 50-day MA, but continued to lose relative ground against the Russell 2000.
The Dow also added to its breakout. However, relative performance against Tech indices took a sharp dip lower.
The Russell 2000 cleared the swing high, but finds itself up against declining resistance. However, it did finish with net bullish technicals.
The Nasdaq 100 added over 3%, slicing through its 50-day MA and opening up for a challenge on its 200-day MA.
Volatility also moved lower following two prior months of spike highs. Has this confirmed a swing low for 2016?
Today was a substantive move in bulls favour. The question now is whether it can maintain the move.
You've now read my opinion, next read Douglas' and Jani's.
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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 also trade on eToro and can be copied for free.
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