Weekly Market Commentary: Can Bulls Push Markets Out of Trading Ranges? The Answer is 'Yes'
Nasdaq
via StockCharts.com
The Nasdaq 100 also plotted a breakout and technically is slightly stronger than the Nasdaq.
($NDX)
via StockCharts.com
While the S&P is still range bound it was also able to nick a MACD trigger 'buy' on the weekly chart. Also registered was an accumulation day.
($SPX)
via StockCharts.com
The Russell 2000 is on a borderline breakout. A little disappointing considering the strength in the Nasdaq and Nasdaq 100.
($RUT)
via StockCharts.com
Of the Breadth indicators the Nasdaq Summation Index is picking up bullish momentum and has plenty of room to run to resistance (and technicals are nicely building strength to suggest further advances). This is a bullish leader for the Nasdaq.
($NASI)
via StockCharts.com
While the Bullish Percents of the S&P is overbought - which suggests a breakout of the S&P trading range will fail.
($SPXA50R)
via StockCharts.com
For the week ahead I would look for further rotation out of Large Caps into Tech stocks, but how long such an advance can last remains debatable without the support of Large and Small Caps - the latter of which have (oddly) struggled.
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