Best of the action was the Nasdaq 100. It's well placed to break above 5,450 and free itself from resistance. The MACD is very close to a trigger 'buy' with good relative performance against improving Russell 2000.
The Russell 2000 didn't post a gain but it did hang on to 20-day/50-day MA support. While it hasn't kicked on, it has managed a MACD trigger 'buy'
The S&P posted a small gain but also generated a fresh relative 'buy' trigger (against the Russell 2000). While momentum buyers look to the Nasdaq and Nasdaq 100, value buyers can look to the S&P. A gain here could be the start of a bullish breakout from a 'flag' consolidation. The 50-day MA can be used for a trailing stop.
The Nasdaq defended its 20-day MA - yet didn't quite do enough for a new MACD trigger 'buy' - will it do so tomorrow? Watch it too for a MACD trigger 'buy' on what has been strong relative performance throughout 2017.
The spanner in the works remains the Semiconductor Index. It's struggling a little without truly tilting in favour of one side or the other. The 20-day MA is playing as support with the 50-day MA nearby to lend a hand if needed. Technicals are weak, and today's inverse hammer looks bearish. Should this undercut the 20-day MA then breakouts for the Nasdaq and Nasdaq 100 are unlikely to hold - if such breakouts should occur.
For tomorrow, watch Nasdaq, Nasdaq 100 and Semiconductor Index for leads. Those late to the game may yet be able to pick up value in the S&P if there are breakouts higher.
You've now read my opinion, next read Douglas' blog.
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