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Weekly Market Commentary: Breakouts

By Chart School
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Courtesy of Declan Fallon

It was a good week for the indices.

The Nasdaq managed to negate an earlier bull trap and broke to a new multi-year high on higher volume.

Nasdaq

via StockCharts.com

The Nasdaq 100 even managed a mini breakout from a consolidation, a consolidation built after it made new multi-year highs in 2010.

($NDX)

via StockCharts.com

While the Percentage of Nasdaq stocks above the 50-day MA is caught in at a middling 63% (having climbed from a reaction low of 30%), it did trigger a MACD ‘buy’.

($NAA50R)

via StockCharts.com

The Russell 2000 enjoyed the dual benefit of a breakout and a MACD ‘buy’ on the weekly.

($RUT)

via StockCharts.com

Even the S&P managed a breakout, but it still has some way until it gets past 2007 high.

($SPX)

via StockCharts.com

With the breakouts in play on the weekly timeframes it’s now a question of them holding on.

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