Nasdaq Breakout
Friday was a clear victory for the Nasdaq with a breakout to go along with higher volume accumulation and a close above the 200-day MA. Nasdaq technicals retained their net positivity and it will take a sharp loss Monday or Tuesday to undo this positivity. Step-by-step, this nascent cyclical bull market grows in strength.
The S&P has edged closer to a breakout of its own. It now finds itself up against resistance and close to negating the 'black' candlestick from December. Technicals continud to improve, although the index is still underperforming relative to the Russell 2000.
The Russell 2000 retained its breakout, this time, doing so with a candlestick which negated the bearish implications of Thursday's 'black' candlestick. Volume rose to register as accumulation, although the index lost further ground relative to the Nasdaq. Despite this, growth stocks look to be in good shape.
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