S&P sneaks a breakout
After Monday's reversal candlesticks there were risks of 'bull traps' for the Nasdaq and Russell 2000, but today's gains have managed to negate not just the 'bull trap' risk, but also the bearish inverse hammer and doji from Monday. In addition, the S&P managed to register a breakout. The breakout in the S&P came on higher volume accumulation, although On-Balance-Volume remains on a 'sell' trigger. The index has also accelerated its underperformance relative to the Russell 2000 - although this is more bullish than bearish for the broader market.