Some decent stuff from indices without rocking the boat.
The Nasdaq is back pressuring the 'bull trap' as it looks to break to new all-time highs above 14,211. Technicals are net positive including a relative performance advantage over the Russell 2000. Trading volume is a little light for a resistance challenge, but I would look for this to change on the break.
Yesterday's gains in the Nasdaq pushed above resistance to challenge the April 'bull trap', but there wasn't the follow through needed to maintain the breakout. Technicals are net positive including relative performance versue the Russell 2000.
Friday didn't offer a whole lot for Large Caps or Tech Indices; volume was down and the net position for the indices was unchanged. The Nasdaq is caught below internal base resistance (anchored by the March swing lows).
A bit of a mixed bag with the Russell 2000, having enjoyed prior strength, now finds itself in the process of back testing support - with the $229 level key. Volume rallied to mark distribution to go with a relative underperformance to the Nasdaq. Strength in the Russell 2000 is key for the broader averages but we need to see a bounce here if we are not to see a return to the prior trading range (of March-May).
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