The S&P didn't quite match the Dow, nor did it close at new all-time highs, but it did trigger a fresh 'buy' signal as it pulled away from its 50-day MA. Only On-Balance-Volume remains to turn technicals net bullish once more.
Tech averages were not the biggest percentage gainers on the day, but they are the indices at new all-time highs with the strongest technicals. Momentum traders should focus on these indices.
The Russell 2000 was not to be outdone either. It remains very close to new all-time highs as it looks to break from a handle shaped over the course of 2017. The weekly chart looks particularly promising.
For tomorrow, it will be about trading the momentum of Tech stocks or looking to accumulate Small Cap stock/$RUT on weakness. There is nothing here for Shorts at the moment other than stress.
You've now read my opinion, next read Douglas' blog.
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Dr. Declan Fallon is a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.