From: Fallondpicks.com

Resistance trading in the NASDAQ, but a potential breakout in the NASDAQ 100. And perhaps an opportunity for the Russell 2000 to lead the markets once again. The NASDAQ gained on light volume, wedged between the 20-day/50-day MAs and channel resistance. Technicals are mildly bullish, but are still influenced by the MACD bearish divergence. The NASDAQ 100 had been the hardest hit of the two Tech indices over the last few weeks, but Friday's gains could classify as a breakout - although the 50-day MA is still resistance. The Russell 2000 was the days' best performer with a resistance breakout, and a MACD trigger "buy". The Dow held 11,047 support, after an intraday bounce off 11,000. The S&P created an inside day, on light volume, and has swing trade potential from the day's high/lows. Based on the behavior of the Dow, there should be a supporting breakout in the S&P. Keep an eye on the relationship between the S&P and Russell 2000. The Russell 2000 is close to retaking its leadership role, and if it does, we could see broader strength in the market than that provided by the over-hyped Dow.

I probably don't need to add, the $NAA50 secondary tech indicator switched back in favor of the bulls. The remaining two indicators: $NASI, and $BPCOMPQ, finished flat for Friday - but all three are back above their 5-day EMAs (again), but all are (still) technically weak.

Gold and silver finished Friday on resistance breakouts. This late week run to strength, spread to stocks like BGO, but could also mean value in stocks like KGC, and GSS. SIL was the star of the week as it jumped some $6.

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