The S&P reversed off resistance in early June and hasn't yet mounted a challenge to break it - today's gain off its 20-day MA ended in a disappointing doji with bearish technicals for MACD, On-Balance-Volume and -DI/+DI feeding into the weak relative performance.
The Dow Jones had been offering shorts a play off the 'bull trap'; it's a scrappy one as prices are back inside the prior channel. The 200-day MA is an area where taking profits would seem prudent (aside from significant bullish reversal candlestick). Technicals, with the exception of Stochastics are all bearish.
The Nasdaq gapped higher but didn't advance beyond the initial opening strength. However, it was enough to register as a new all-time high and all technicals are in good shape. The Russell 2000 is the better momentum play but the Nasdaq has the more attractive risk:reward given its proximity to support.
For tomorrow, eyes will be on market leading Russell 2000. If gains hold it will likely drive money into the more attractive Tech averages breaking to new highs. Large Caps are caught between two ferns and could go either way.
You've now read my opinion, next read Douglas' blog.
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