Large Caps gain and Nasdaq joins along for the ride
The S&P kept things moving along with a new closing high for the week. Volume was a little disappointing, but technicals are all bullish.
The Russell 2000 had a quiet Friday but remains above its 50-day MA and ready to challenge the 'bull trap'. Technicals are mixed and relative performance continues to fall - suggesting lower prices are still on the cards, although price action suggests the next move will be higher.
Volume may be easing up but with the Tech and Small Cap indices working through consolidations - as Large Caps lead - suggests there is still some fight in the old dog. There is little reason to short or sell, so supply is tight (hence the low volume); should buyers decide to get active, then look for rising volume to drive base breakouts in the former indices.
You've now read my opinion, next read Douglas' blog.
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