Small Caps Take Best of Action

There wasn't a whole lot of action on the day, but the Russell 2000 was able to add nearly a quarter a percentage point and hold on to its breakout. Technicals have stayed net bullish since the break from the original channel (which ultimately led to the current trading range).

The S&P lost all of a point, holding on to 2,093 support. Volume was also light. Not much to add otherwise.

The Nasdaq kept its distance from the trading range, working its way towards the 10% moving average envelope band, last tagged in November and triggered the current consolidation.

The bulls are still in control, even if for the Russell 2000 and S&P the margins are very tight.

You've now read my opinion, next read Douglas' and Jani's.

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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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