More of the same with only the Dow Jones Industrial Average adding to its breakout as the Russell 2000 again continues with its "non-event" slush trading.
The Dow Industrials is building on its breakout, following the lead of the S&P which has continued to log small gains throughout the summer. The Dow Jones Industrials is net bullish in technicals backed by a solid bullish trend in On-Balance-Volume, but overall - it's a bit of a laggard.
The Russell 2000 is a non-event. The 50-day MA is flat-lined resistance, but the trading range is the larger issue.
The Nasdaq is holding support of its 20-day MA with a nice bullish hammer.
The S&P continues with modest gains. I have redrawn a rising channel but it's not really a factor at the moment.
Today's action may offer longs a chance to trade the Dow Jones Indice breakout, the S&P and Nasdaq are a hold, the Russell 2000 is a non-trade.
You've now read my opinion, next read Douglas' blog.
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