Small Caps Recover

The Russell 2000 had the best of the action with a reversal on yesterday's losses. This is a strong vote of confidence for bulls, although channel resistance hasn't yet been breached. Rate-of-Change also remains on the bearish side of the fence.


Meanwhile, it was a non-event for the S&P.


The Nasdaq shed a small percentage, but did so on higher volume distribution. On-Balance-Volume and MACD are still bearish.


Tomorrow is edging towards bulls for the S&P, and the Russell 2000 swinging back in favour of bulls. Other than that, there was little more to say about today.

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

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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.

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