S&P on verge of bull cross of 200-day MA
A solid start to the week, albeit on light volume. Last week saw the bullish cross of the 200-day MA in the Russell 2000. This week started with the S&P fast approaching its 200-day MA and could be testing it tomorrow.
The S&P is also on the verge of a fresh cross in On-Balance-Volume, although the relative performance of the index to its peers took a step in the other direction - but this shouldn't distract what is positive, bullish action.
The Russell 2000 maintained its bullish pressure as the 200-day MA break through held for another day. Technicals are net bullish and despite the light volume today there was a continued uptick in On-Balance-Volume.
You've now read my opinion, next read Douglas' blog.
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