The S&P broke from its handle and has managed to put a bit of distance from the congestion zone. Next resistance is at 2,800 but I would look for a test of all-time highs in line with Tech and Small Cap indices.
The Nasdaq negated the March 'bull trap' with a new all-time highs (supported by a breakout in On-Balance-Volume).
The Dow Jones Index made it up to channel resistance. Other indices do not immediately suggest a reversal is on the cards but this index does offer shorts something to work with (if not a very convincing call).
The Russell 2000 continued its run of good form. Those who traded the breakout have yet to be given an exit signal but near-term traders could look to take some profits.
For tomorrow, bulls can look for a continuation in the run in good form; even if sellers reappear it will take a significant reversal to break the uptrend. Taking partial profits will help keep you in the green if your holding period is a couple of weeks or less. Long-term investors have little reason to sell at this stage. Aggressive shorts could try the Dow Jones Industrial Average but cover on a break of channel resistance.
You've now read my opinion, next read Douglas' blog.
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