Buyers Go Long

Market action remains strongly bullish, despite the best actions of Trump to negate it. We didn't see across the board accumulation volume, but we did see solid bullish candlesticks.

The Russell 2000 ($IWM) posted a solid bullish white candlestick while technicals remained mixed with a MACD trigger 'sell'. I would still think bulls are in control, buj see how things go on the next push above $225.

The S&P posted a more subtle gain, but a gain nevertheless, with higher volume accumulation to go with it. There is still a MACD trigger 'sell' in play, but it would hard to be a bear here.

The Nasdaq enjoyed the strongest accumulation, although the MACD is still on a 'sell' signal. The index is outperforming peer indices in relative terms, but today's close market a new high for the rally off April lows, so this can't be ignored.

Bitcoin ($BTCUSD) has been surging and today's relatively modest white candlestick keeps this momentum going. I would be looking for the inverse hammer (with the spike high) to be challenged next week. Technicals are net bullish.

The Semiconductor Index has been doing most of the bullish leg work. We still have a 'sell' trigger in the MACD and CCI, but it has been the price action leader. I would be concerned if there is an undercut of the 20-day MA as this would likely come with expanding technical weakness.

Indices have been strong to date, and I would expect this to continue. American economic policy has been a total mess, but if markets are willing to ignore it, then you should too.

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

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