Courtesy of Declan.
While little happened over the last couple of days since the breakouts, enough was done to hang on to these gains.
Tech had the best of the action, pushing away from support and consolidating the bullish position. Volume wasn’t spectacular but not surprising given the summer season.
The Nasdaq defended breakout support with a successful backtest. Technicals are all in the green. More importantly, the bearish engulfing pattern looks to have been negated by today’s breakout on higher volume accumulation.
The S&P cleared breakout support on Friday and held its gains with further advancement in relative performance against Small Caps.
The only disappointment was the Russell 2000. While it was not a major loss and the breakout held the Russell 2000 did not fall back into its prior base.
For tomorrow, look for the continued defence of the breakout support.
You’ve now read my opinion, next read Douglas’ blog.
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