Bulls Make Comeback

It didn't last long, but sellers quickly ran out of steam. Monday had the look of a profit taking, but buyers were quick to make a reappearance. Will markets make it back to Fib retracements? They look a long way way away.

The Nasdaq continues to hold breakout levels. Volume confirms accumulation with all technicals net bullish.

The Russell 2000 was the only index not to post a gain, although after a series of extended gains I would have expected a greater loss.

Can bulls return to the attack? Small Caps will find it harder, but the Nasdaq is well positioned to take advantage.

You've now read my opinion, next read Douglas' blog.

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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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