Narrow action for markets does everthing but breakout

There really wasn't much wiggle room for markets without delivering breakouts for the Nasdaq and S&P, but yet, markers managed to find them. 

The Nasdaq delivered a narrow day at resistance, but still no breakout.  There was no change in the technical picture, but the index is very close to a new 'buy' signal in the MACD.


The S&P experienced a similar narrow day to the Nasdaq and has a similar techical picture. Because the day finished with a small doji, which marks an indecisive day, the likelihood of a down day is increased.


The Russell 2000 ($IWM) had a wider range day, but finished with an inverse 'hammer'.  Technicals are not as bullish as for the S&P and Nasdaq, but there was no change in these despite the potential for a reversal.  Because today's action remained within the bounds of support and resistance defned by March-April's trading it weakens the potential for today's candlestick to play as reversal, but don't get caught by hindsight.


Going forwad, we still have the opportunity of a breakout and today's action has done everything *but* breakout.  There is still plenty of time for this to happen, but the Russell 2000 will need to improve sharply should the S&P and Nasdaq breakout. 

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Investments are held in a pension fund on a buy-and-hold strategy.

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