However, the Nasdaq was losing ground against the S&P, but with the Nasdaq breakout intact it will play out as a slow turn.
The Percentage of Nasdaq Stocks above the 50-day MA is showing more as a swing high (in the Nasdaq), but other breadth indicators aren't showing such a top.
The Russell 2000 is at highs, like the Nasdaq, but remains inside its rising channel.
It's a boring market: hard to get excited with penny-style gains (which eventually add up!), but sharp moves downside are quickly bid up before they have a chance to build momentum.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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