Weekly Market Commentary: Rally Continues

On the weekly charts it was a clear win for bulls. There was respectable volume as traders made their way back following the holidays.


via StockCharts.com

The Nasdaq 100 put further distance on 2,217 support as the breakout matures. The health of this index is good news for the Nasdaq.


via StockCharts.com

The Nasdaq Bullish Percents continues to inch higher but is not yet overbought (=> more gains to come for the Nasdaq)


via StockCharts.com

While the Percentage of Nasdaq Stocks Above the 50-day MA is moving towards a slower bearish divergence; which means there is more room to run higher until resistance is reached.


via StockCharts.com

Even the Nasdaq Summation Index is suggesting a new (higher) resistance level to work with.


via StockCharts.com

Small Caps have cleared 760 and are looking upwards towards 850-855.


via StockCharts.com

While the S&P has in its sights the mini-reaction high in 2008 above 1,300.


via StockCharts.com

So watch for the Nasdaq to follow the Nasdaq 100 higher, helped by strengthening Nasdaq breadth. Tech gains will help drag up the S&P and maybe even the Russell 2000 too.

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