Neutral Friday although Russell 2000 wobbles
Options expiration skewed volume action but it was a relatively neutral day. Only the Russell 2000 suggested a more bearish undertone existed in the market. The S&P is currently probing its April high so it's of no surprise to see a small 'gravestone' doji appear on this test. I would be happy to see a small consolidation handle (ideally holding the 50-day MA) as a preparation for a push to new all-time highs but don't be surprised if the market doesn't wait for this. This rally has merit with excellent relative performance and an accumulation trend in volume.