Wednesday, a Good Day for the Bulls
It was another good day for bulls, particularly for the S&P. An acceleration in weakness brought about in late morning action was reversed with steadying buying over the last two hours of trading.
The S&P(NYSEARCA:SPY) has been range bound since early December. Today’s action didn’t change that, but it suggests the breakout – when it comes – will be higher.
The Nasdaq (NYSEARCA:QQQ)also felt pressure with it own sell off. Volume was down on recent weeks, but it was enough to keep bulls in control.
The Russell 2000 (NYSEARCA:IWM) had a quiet day, registering just a 0.05% gain. The best of the news was it not drifting back to support, where the risk of a major breakdown lurks.
For tomorrow, look for bulls to continue their good work. The Russell 2000 looks least likely to do anything exciting, but the S&P (and Dow) is well positioned for a breakout.
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