Honors Even - Indices Little Changed

Not a whole lot to add to Friday's action. The only index to make ground was the Russell 2000: it's working toward a challenge of the November peak as part of a double bottom at 1,155.

But there wasn't much else to report. A doji in the S&P came with higher volume (accumulation?), but little else.

The Nasdaq is still playing to a bearish 'flag' - look for a breakdown on Monday.

The Semiconductor Index continues to make ground towards its 715/20 target.

Nasdaq breadth is neither oversold, nor overbought, although there was a breakout in Summation Index and Bullish Percents which, if there was a coin-toss decision, would give an edge to bulls. So, will the 'bear flag' trade itself out as a straight breakout instead? Let price be your lead: an option straddle on the QQQ could also be good here.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. You can read what others are saying about Zignals on Investimonials.com.


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