S&P Breakout joins Nasdaq and Russell 2000
Buyers returned after the brief visit of potential `bull traps` across indices. Yesterday's action delivered the breakouts and today's was the icing on the cake. The one index which did break today was the S&P.
The S&P breakout followed two days of buying on higher volume accumulation. The concern is the expanding relative underperformance to peer indices, but the chart breakout looks good and support at 4,000 should be good for measuring risk:reward. There is also going to be a "golden cross" between 50-day and 200-day MAs over the next couple of days.
Just to give it a mention, but the Dow Jones Industrial Average has stalled out below resistance. It had looked like a leading index but other indices have stolen its thunder. Like the S&P, it suffers relative underperformance to peer indices - but supporting technicals are net bullish.
The Russell 2000 reversed its 'bull trap' yesterday, so today was just icing on the cake. Volume climbed to register as accumulation, although it's underperforming relative to the Nasdaq (but outperforming Large Cap indices). Other technicals are net bullish.
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Investments are held in a pension fund on a buy-and-hold strategy.