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Nasdaq Breakout as Life Returns To Markets

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After days when things were very quiet for the market it looks like the Nasdaq has finally come to life. The Nasdaq hasn't quite closed at a new all-time high but it has managed to clear the small handle it was shaping just below resistance. Technicals are positive, even as relative performance drifts lower. This might be the cue to kick the next major rally and end the 4-moth consolidation. 

Friday's gains closes week on positive note

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It was a positive finish to the week with indices undoing Thursday's losses.  All markets are well placed to post gains. The Nasdaq is working on a bullish handle trading above the last swing high. 

Yesterday's gains reversed

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Since the last update there has been a bit of back-and-forth for the indices. The Nasdaq had bounced off breakout support yesterday before it quickly gave up those gains. It was a similar story for the S&P, although this index trades well above its key moving averages.  The Russell 2000 experienced the lightest loss, although its struggling to clear its handle. 

Minor losses across indices

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Indices eased back on recent gains, but nothing to raise a concern for the health of the broader rally. It would be too easy to overplay the losses - especially given trading volume was light - so best to let it play out over the coming days. 

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