Indices Posted Gains on Monday
Base development continued across the board as all lead indices posted gains.
The biggest gain came with the Nasdaq as it moved ever closer to its last swing high in September. Technicals for this index are all bullish, with the index making relative gain inroads versus Small Caps.
The S&P(NYSEARCA:SPY) was not to be left behind, although it didn’t post the same one-day gain as the Nasdaq it still had a successful day. The structure of its base is similar to the Nasdaq (NYSEARCA:QQQ)with a nice gap in the morning followed by some decent intraday gains to ensure a higher close by the finish. Relative performance against Small Caps is a bit of a concern, but that would be nit picking here given Small Cap leadership is crucial for any sustainable rally. A test of 3,588 would look to be the minimum here
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