The Nasdaq was quieter, despite recording distribution volume. The tight range offers a swing trade opportunity, although whipsaw remains a concern.
The semiconductor index is also holding its breakout which will help the Nasdaq and Nasdaq 100, and may give the swing play a more bullish bias.
Large Caps are still holding to the 'bear trap'.
It looks like the prior high retest in the Russell 2000 is about to fail, this will set up a shorting opportunity with a stop at the high of the bounce. Other indices hold to a bullish bias.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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