Courtesy of Declan Fallon
It was another week of to-and-fro in the market; this time bulls took markets to the upper part of their weekly ranges.
Only the S&P gave a hint of a possible breakout on the weekly chart. If the breakout is true (i.e. can hold above 1,300) then the next upside target is 1,440.
via StockCharts.com
The Nasdaq is still hemmed in by resistance at 2,818
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While the Nasdaq 100 enjoyed a renewed push higher, trading well above 2,217 support
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Market Breadth ran contrary to gains in the Nasdaq. There were losses in Nasdaq Bullish Percents and Nasdaq Summation Index – although losses were small – they suggest a larger correction is required to take the heat out of the market.
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The Russell 2000 is well above 760 support and is forming what looks to be a ‘bull flag’.
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Markets on weekly timeframes haven’t changed a great deal. There is perhaps a fresh breakout in the S&P to join the breakouts in the Nasdaq 100 and Russell 2000. The latter markets are well off support, but not close enough to resistance to suggest supply will become a significant issue. Nasdaq Market Breadth is weakening, but weakness is not enough to crack a rally. However, it’s a warning the Nasdaq may not make it as far as resistance before correcting. As for a bullish signals, watch how the bull flag in the Russell 2000 plays out; a measured move to 1,020 is the ultimate (if somewhat ambitious) goal.
