Other indices capped a recent run of gains with a bearish 'hammer': Russell 2000 and S&P
The relationship between Consumer Staples and Discretionary remains on the bear side with technicals all negative. A loss of the swing low would confirm, but there is a considerable discrepancy in the relationship between the S&P and the Consumer ETF ratio.
Friday was a pause in consecutive days of buying, but the respectable finish keeps bulls in the driving seat. Look for further gains in the near term and a break of winter 2015 highs.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.