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Nasdaq Volatility at New Lows

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While the Nasdaq has reached new highs, the VXN has pushed to lows not seen in over 20 years. This complacency makes it difficult to know how long this lack of fear can go on. The one caveat is that as a monthly chart and any uptick in volatility could take years before it tops out; how will Trump trigger this collapse?

Buyers Take Advantage of Russell 2000 Discount

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Bulls are looking to build swing lows with some respectable buying across markets. Best of the market action went to the Russell 2000, gaining 1.5% with a close near today's highs.  The gain was enough to return the index above the 50-day MA, but there wasn't much technical improvement.

Russell 2000 Under Modest Pressure

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Glass Half Full or Half Empty? There wasn't a whole lot to today's action.  The Russell 2000 had the worst of it, but it still managed to stage a small recovery into the close. The index finished above support with technicals negative. A bullish rally would nicely set up a swing low and could see a run to test 1,414. Shorts would want to keep stops tight (measure risk) to the 50-day MA at 1,376.

Tentative Gains

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Not a whole lot to say about today. The Semiconductor Index gained nearly 1% as it pushed a new multi-year high, but most of the gains were achieved by the open and it didn't add too much after that. However, it did keep shorts at bay for another day (resistance remains former channel support).

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