Bulls weren’t to surrender the breakout good points from earlier within the week and except for the Russell 2000 it was an honest end for markets.
Action within the Russell 2000 was solely disappointing as a result of it was unable to carry on to early day positive factors. The spike excessive might mark resistance over the approaching days as Friday’s candlestick was a typical reversal marker. Technicals are wholesome, though the index is underperforming relative to Tech and Large Caps.
The Nasdaq held its floor and Tech averages stay the strongest of the indices. Momentum merchants ought to maintain their focus right here.
For Monday, search for Friday’s positive aspects to push on to new highs. Shorts ought to watch the Russell 2000, notably if there’s a transfer into Friday’s spike excessive vary – this could be a chance to take an aggressive brief with a cease above Friday’s excessive.
You’ve now learn my opinion, subsequent learn Douglas’ weblog.
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SOURCE: Fallon Financial Commentary – Read complete story here.