Rallies continue as volume buying starts to improve
It has been a good summer for indices. We have seen indices rally towards May-June swing highs in challenges which would help mark new higher highs on intermediate time frames. On-Balance-Volume has also turned more bullish through July as technicals for the S&P, Nasdaq and Russell 2000 are net bullish.
The Russell 2000 is also outperforming the S&P as more speculative growth stocks again attract interest over defensive Large Caps.
The Nasdaq is doing a little better than the Russell 2000 in its outperformance to the Small Cap index. On-Balance-Volume has been trending higher throughout July, with the indicator enjoying successful support tests of its 20-day MA. The Nasdaq has already breached the May/June swing high.
You've now read my opinion, next read Douglas' blog.
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