Gains Consolidate in Markets
Friday's action was positive because so little happened. Markets had spent the first half of June rallying off lows, but last week was one where indices consolidated the gains. Not all indices were equal, but the effect was the same. The S&P closed with a doji - a doji which held above 50-day MA support. Volume declined in line with the consolidation; a positive behavior. Technicals are still net positive. Action points to a probable follow through higher and a challenge of the 52-week high of 2,954.