Flat-line Day for Markets

Most of the attention will have been on cryptocurrencies today, but for markets, it was another dull day.  The S&P barely moved the needle as it continued its snail-paced ascent. It's weekly MACD has effectively flat-lined with only its accumulation trend in On-Balance-Volume showing signs of bullish life. 

The Nasdaq closed with a narrow bar candlestick as the rate of its ascent slowed. The index is showing a relative performance advantage over the Russell 2000, which marks a shift in favour of Tech stocks over Large or Small Caps. 

The Russell 2000 lost a little ground as it looks to build a challenge on $233 ($IWM). Technicals are net bullish as the index looks to negotiate its trading range. 

Markets remain in Labor day holiday mood as we enter the traditional seasonal weak period for indices.  I would be happy if the Russell 2000 could remain inside its trading range should the likes of the S&P and Nasdaq weaken, but nothing to worry about just yet. 

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

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