It wasn’t a stellar day, but Tech and Small Caps started to deliver on Friday’s promise. The S&P experienced mild losses, keeping itself within the boundaries of its narrow trading range. However, S&P technicals favour bulls.
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The Nasdaq hasn’t done enough to challenge the 4,610 high, but today’s action left some room in the tank for more gains tomorrow.
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The Russell 2000 maintained its run along channel support. The 20-day MA can be used to trail a stop.
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The semiconductor index popped its head above 651 resistance – although it ended the day with a bearish inverse hammer. Should bearishness expand then it’s more likely to be a pullback opportunity than a topping action; at least while its above the 20-day MA.
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For tomorrow, the bullish outlook remains favoured, including for the S&P.
