Not a whole lot to add to Friday’s action. The only index to make ground was the Russell 2000: it’s working toward a challenge of the November peak as part of a double bottom at 1,155.
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But there wasn’t much else to report. A doji in the S&P came with higher volume (accumulation?), but little else.
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The Nasdaq is still playing to a bearish ‘flag’ – look for a breakdown on Monday.
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The Semiconductor Index continues to make ground towards its 715/20 target.
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Nasdaq breadth is neither oversold, nor overbought, although there was a breakout in Summation Index and Bullish Percents which, if there was a coin-toss decision, would give an edge to bulls. So, will the ‘bear flag’ trade itself out as a straight breakout instead? Let price be your lead: an option straddle on the QQQ could also be good here.
