Indices finish week with sharp gains
Indices enjoyed excellent gains last week, but the rate of market ascent is not one which can be maintained in the long run. How markets consolidate over the coming week will say much about the strength of these - very positive - breakouts.
The Russell 2000 finished with a neutral candlestick but the buying of last week came with three heavier days of accumulation. There was a relative performance uptick versus the Nasdaq to go with these gains.
The Nasdaq didn't suffer a single down day last week, instead it has registered eight consecutive up days in a row, with Friday ranking as an accumulation day. Friday's black candlestick at the end of an advance is typically bearish so we will see what Monday brings. If there is a pointer to that it's that relative performance has taken a tick lower.
You've now read my opinion, next read Douglas' blog.
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