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Bulls Recover Intraday Losses

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While the indices finished at prices without fanfare, the intraday recovery was very good.  The S&P spiked down to its 20-day and 50-day MA with a bullish hammer. Volume climbed to register as accumulation. Technicals remain net bullish although relative performance eased.

Friday Consolidates Gains For The Week

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There wasn't a whole lot to say about Friday's trading. The solid move made over the course of the week across indices was maintained with either small losses or doji.  Part of this is because indices are now approaching multi-year highs which will see increased resistance. The S&P posted a small doji as technicals remained net bullish.

Bullish Confidence in Small Caps

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Again, anything said here should be viewed in the context of broader consolidations. Leading off is the consolidation breakout in the Russell 2000. I did have concerns the 'bear trap' was about to fail but today's move has helped reduced the risk of this happening. There were some struggles as it reached its 200-day MA but this did at least postpone (indefinitely?) the chance of the 'bear trap' failing.

Quiet Day Although Russell 2000 Pressured

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There wasn't a whole lot to say for Tuesday; indices were down, but there was little to add aside from the Russell 2000 returning to key consolidation support. The 'bear trap' will likely be coming under pressure later in the week.

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