The Nasdaq made small gains but it hasn't yet reached channel resistance, and until it does it won't be able to attract sideline money waiting for the all-time high announcement. But for those watching semiconductors, the chance of this happening is quite high.
The S&P is closer to the breakout but buying volume was light. Technicals are, however, healthy - and favour a breakout.
The Russell 2000 is consolidating near its high after a powerful bounce from support. Like the Nasdaq it hasn't yet reached the breakout zone but since the surge it has made a marked improvement in relative performance (vs the Nasdaq).
For tomorrow, markets are building towards a significant breakout to end the near 2-year consolidation. It's significance will likely be ignored in the face of Oil price coverage, but there is a key moment in the making.
You've now read my opinion, next read Douglas' blog.
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