Weekly Market Commentary: Primed for Advance

A solid close to the week left markets well positioned for further advance on Monday.

The S&P finished Friday with an inside day (to an inside day), with a close knocking on the door of 1,690.

The Nasdaq made a positive test of breakout support, coming back to 3,702 before rebounding. So far, bulls couldn't ask for more.

Nasdaq Breadth remains favorable for further upside (is neutral at worst).

And new High/Lows for Nasdaq and S&P are well off spike highs typically found at reversals.

The Dow looks on course to reach 16,000 as part of the current advance.

And there is solid bullish 'flag' taking shape in the Russell 2000.

Bulls have their choice of indices to trade (Futures are up, so early weakness will likely offer buying opportunities).


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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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