Most of the attention will have been on cryptocurrencies today, but for markets, it was another dull day. The S&P barely moved the needle as it continued its snail-paced ascent. It's weekly MACD has effectively flat-lined with only its accumulation trend in On-Balance-Volume showing signs of bullish life.
The NASDAQ closed with a narrow bar candlestick as the rate of its ascent slowed. The index is showing a relative performance advantage over the Russell 2000, which marks a shift in favour of Tech stocks over Large or Small Caps.
The Russell 2000 lost a little ground as it looks to build a challenge on $233 (IWM). Technicals are net bullish as the index looks to negotiate its trading range.
Markets remain in Labor day holiday mood as we enter the traditional seasonal weak period for indices. I would be happy if the Russell 2000 could remain inside its trading range should the likes of the S&P and NASDAQ weaken, but nothing to worry about just yet.