Courtesy of Declan.
Not every day can be a headline day and Friday was one of those days. the only action of note was the breakout in the Nasdaq Summation Index. Technicals aren’t fully bullish but the consolidation breakout should help the Nasdaq and Nasdaq 100.
The Percentage of Nasdaq Stocks above the 50-day MA and Bullish Percents added to their earlier consolidation breakouts.
Breadth metrics all suggest there is more to come from Technology stocks but there wasn’t much to be said of Friday’s action. For the Nasdaq it’s a case of ticking off the resistance levels; 7,420 is the next one.
The Semiconductor Index is also challenging its last swing high although it is enjoying good technical strength.
The Russell 2000 continued to threaten the all-time high as it puts some distance from its consolidation breakout.
It was a similar story from the S&P; small gains but nothing to suggest any significant follow through.
For tomorrow, look to the Russell 2000 to lead out with new all-time highs as Tech averages seek to gain the benefit of improved breadth metrics.
You’ve now read my opinion, next read Douglas’ blog.
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