Courtesy of Declan.
Despite the long weekend there was very little change in the markets. Markets are holding near highs, which is good news for bulls looking for breakouts to hold. The index to watch out for is the Russell 2000. As the speculative index it leads out on major market reversals, and at the moment its clinging on to a breakout.
Not to much to add here, but the S&P is (just about) holding on too.
The Nasdaq has the most room to defend, and its breakout is well established.
As for tomorrow, look for further narrow action. Bears need a period of strong selling to set up a shorting opportunity on the subsequent rally, or more aggressive players may look to a straight short off a ‘bull trap’. In the meantime, bulls have control.
