What will help the Russell 2000 is the new closing high for the Nasdaq. The latter index wasn't able to post more than a 0.5% gain, but it did keep the rally from November lows intact and this is good news for bulls looking for similar action from Large and Small Caps.
The S&P had a quiet day as it did all it could to bump against resistance without breaking it. The MACD is still on a 'sell' trigger despite the relatively neutral price action. Given what happened in the Nasdaq on Friday the likelihood the S&P will follow with new highs on Monday is strong.
For Monday, bulls should watch the S&P for its potential to follow the Nasdaq higher. If there is a weak open, then the Russell 2000 becomes the watch index for a return to (and below) consolidation support.
You've now read my opinion, next read Douglas' blog.
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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.