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Neutral Friday although Russell 2000 wobbles

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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.

Markets Consolidate Tuesday's Gains

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It's looking like markets are keen to challenge April highs. The narrow consolidations which built up over last week was cleared by Tuesday's gains and held these highs by Wednesday's close. For the S&P, this came with an accumulation day. Other technicals are net bullish.

Small Gains Continue Market Consolidations

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Not a whole lot offered by indices, but what was offered had more bullish overtones than negative. The Nasdaq continued with its shaping of a bullish handle. Volume climbed a little in registering an accumulation day. The index still has to put some distance from its 50-day MA but once it does and mounts a challenge on April highs it could really pick up momentum. On a more subtle note, there was an uptick in relative performance.

Gains Consolidate in Markets

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Friday's action was positive because so little happened. Markets had spent the first half of June rallying off lows, but last week was one where indices consolidated the gains. Not all indices were equal, but the effect was the same. The S&P closed with a doji - a doji which held above 50-day MA support. Volume declined in line with the consolidation; a positive behavior. Technicals are still net positive. Action points to a probable follow through higher and a challenge of the 52-week high of 2,954.

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