Small Caps break from trading range

There wasn't a whole lot to today's trading, but the Russell 2000 did manage to break out of its trading range on higher volume accumulation.  Technicals are net positive, including relative performance.

While the Dow Jones Industrials Average finished with a bearish cloud cover, enough to keep the duel gravestone doji in play. The rising trendline is the trigger line between bullish and bearish stance for the index. Meanwhile, the index is underperforming relative to the Nasdaq 100. 

The Nasdaq is edging towards resistance, but it remains below the current trendline connecting March swing lows, and is well inside the trading range. While the index is underperforming relative to the Russell 2000, until there is a break of the trading range, current action is just noise. 

The indices are playing a mix of bullish and bearish signals, but really, it's up to the Russell 2000 to do the leading. 

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

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