S&P gains in response to yesterday's quiet action

Buyers took advantage of yesterday's S&P light losses to push the index to new highs. Today's buying was enough to register it as a day of accumulation with good relative performance. Shorts have little to work with, which makes it an easy win for buyers and existing longs.

The Nasdaq reversed all of yesterday's loss, but didn't do much to continue its challenge the last swing high. Technicals are net positive and the index still holds to its relative performance advantage.

Today it was the turn of the Russell 2000 to have a quiet day. It added a small amount, keeping the handle intact without breaking the formation. It's still underperforming against the S&P and Nasdaq.

Little to add to today's action; the S&P returned as the headline grabber but it's the Russell 2000 which we have the most interest in. If this can reassume its leadership role it will give all indices a second wind. 

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

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Investments are held in a pension fund on a buy-and-hold strategy.


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