S&P 'Gravestone doji' negated - index rallies continue

Friday maintained the good form of indices, the S&P did particularly well as it finally cleared the spike high and managed to register an accumulation day by the close of business. Technicals are net positive and the index is accelerating in its relative performance advantage to peer indices. 

The Nasdaq maintained its breakout, albeit on lighter volume, as it accelerated its gain relative to both the S&P and Nasdaq.  This remains the lead index of the three.

The Russell 2000 is still in the process of challenging the 'bull trap' on mixed technicals.  Thursday's rally managed to recover much of the lost ground which following the 'bull trap', but it still needs a little more to finish the job.

Anth index to watch tomorrow is the Semiconductor Index. It rallied into converged resistance created from the 2021 support trendline and horizontal resistance from its highs.

For next week we will want to see the breakouts in Tech and Large Caps consolidate with supporing breakouts in the Semiconductor and Russell 2000 index to follow in quick haste. 

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

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