During early afternoon trading it was looking like the Russell 2000 was going to break support and leave a 'bull trap'.  While the 'bull trap' remains in play the loss of support hasn't been confirmed which would show a reversal. However, this is acting as a lead index and will determine what may come for the Nasdaq and S&P.

It was another good day for bulls, particularly for the S&P. An acceleration in weakness brought about in late morning action was reversed with steadying buying over the last two hours of trading. The S&P has been range bound since early December. Today's action didn't change that, but it suggests the breakout - when it comes - will be higher. The Nasdaq also felt pressure with it own sell off. Volume was down on recent weeks, but it was enough to keep bulls in control. The Russell 2000 had a quiet day, registering just a 0.05% gain. The best of the news was it not drifting back to support, where the risk of a major breakdown lurks. For tomorrow, look for bulls to continue their good work.  The Russell 2000 looks least likely to do anything exciting, but the S&P (and Dow) is well positioned for a breakout. You've now read my opinion, next read Douglas' blog. I trade a small account on eToro, and invest using Ameritrade. If you would li

There wasn't much to add to yesterday's action.  The S&P closed with an indecisive doji, but given the context it was really a non-day with no advantage to either bulls or bears.

It was a generally quiet day for markets with Small Caps feeling most of the pressure. The S&P took a quarter percentage loss as it gave back a small amount of last week's gain. There was no technical change on this loss. Nothing to be too concerned about.