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Small Caps Advance

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There were small gains across markets, but it was the Russell 2000 which benefited the most. Today's gain managed to push past the 20-day and 50-day MAs on a fresh MACD trigger 'buy'.  Next up is a 'buy' trigger in the relative relationship between Russell 2000 and Nasdaq.

Rally Slows But Not Dead

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The Swing Low continues to play out with small gains in lead markets. There is still resistance in play, but this supply is been consumed by the day. Trading volume was light too. The S&P is at resistance from the March swing low, but today's gain did little to get past this. Stochastics are bullish, but other technicals are negative and the last two days of didn't change this.  While bears may think there is an angle to work, the most likely outcome is for a gain which returns a challenge of 2,400.

Rallies Come Through

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Bulls were able to deliver across the board gains, helping to position yesterday's action as a swing low. Weakness at this point would offer itself as a buying opportunity, but markets wouldn't tolerate more than a couple of days of losses if they were to go down this route. The S&P is at resistance of the prior swing low and the 20-day MA, but today's action is looking good for an upside break tomorrow? Technicals are firmly in the red and need more than today's gain to fix them.

Mixed bag of tricks; but good chance of market swing lows

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The damage was done premarket and value buyers were quick to take advantage. The index which benefited the most was the Nasdaq. It started today just above the 50-day MA and rallied off that. Volume wasn't great and the technical picture didn't really improve, but action like today's can prove to be a good starting point for a swing low.

Semiconductor Index Again At Resistance

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All indices were again testing resistance with small gains, but not enough to challenge a break of supply. Shorts have been presented an avenue of opportunity in the Semiconductor Index with a bearish black candlestick at the convergence of the former rising channel, and the hashed blue line connecting the swing highs dating back to December.  Technicals are a little scrappy, but there is still a MACD trigger 'sell' alongside a 'sell' trigger in CCI.

Indecision Strikes

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It was no real surprise to see indices slow down in their recovery. Across the board doji mark a balance between buyers and sellers. The one index which bucked the trend a little was the Russell 2000. It staged a modest recovery which brought it back to former support turned resistance. However, technicals remain firmly bearish, and will stay this way even if there are additional gains.

Semiconductors Recover at 20-day MA

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Yesterday's selling didn't follow through with additional losses, instead, indices dug in at lows and managed to recover some of yesterday's selloff.  The best recovery came from the Semiconductor Index. It gained over 1% as it bounced off its 20-day MA. However, it wasn't enough to stop a 'sell' trigger in the MACD and CCI.

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