So, this is the breakout...

Hardly inspiring, but a price breakout it was.  The Nasdaq edged itself above resistance, but it will need to do more to confirm.  There was a MACD trigger 'buy' to go with generally improved technicals - although On-Balance-Volume remains bearish. Today's candlestick was not exactly blowing it out of the water, but it did qualify as a breakout


Where things get a little sketchy is when we dig into some of the other indices.  The S&P didn't get to challenge resistance, but did finish with a dragonfly doji, typically, this is important during a swing low, but it has less relevance when it appears as part of a trading range.


The Dow Jones wasn't so lucky, although it was looking alot worse off earlier in the day.  The 50-day MA looks key for support. 


The Russell 2000 ($IWM) finished with a bearish 'black' candlestick just below 50-day MA resistance. However, because this index is stuck in a trading range the significance of this potentially bearish candlestick is reduced.  On the plus side, there was a MACD trigger 'buy'. 


We need to be careful here.  There was a breakout, but it remains vulnerable to a 'bull trap'.  It will only take a close below resistance to confirm (for the Nasdaq).  But, a decent gain tomorrow (in the Nasdaq) would firm up the move and help drive demand for the S&P and Russell 2000.  

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