There wasn’t a whole lot of movement in the market, but what movement there was – was higher.
Volume also came in lighter. Markets are still nicely poised for another leg higher, and the tight action of recent days allow for a reasonably tight stop.
The Russell 2000 is still the best positioned index to gain. It remains tied to its 50-day MA, with a very tight bullish flag. Technicals all bullish.
The Nasdaq staged a recovery to its 200-day MA. The falling 50-day MA is nearby to add selling pressure, and the dreaded “Death Cross” looms on the horizon.
The S&P is about to test the strength of supply at its 50-day MA. Given the action in the Russell 2000, there is a good chance the S&P will be able to push through.
Tomorrow should see bulls continue their run of form. The Russell 2000 remains the index of choice for buyers as it leads relatively.