I started the day yesterday with a short in the NASDAQ 100, and ended the day stopped out. Large Caps didn't quite reach the same highs, but will likely follow the leadership of the NASDAQ and Small Caps.
The Russell 2000 will likely lead the indices out. It's very close to negating the 'bull trap'. Today could be the day.
The S&P may have edged a breakout, although it would be easy enough to redraw the consolidation to keep the index under wraps. Technicals are still net bearish, despite the net bullish directional index.
The NASDAQ Composite is probably a 50:50 if it can push on to re-challenge 5,000, but volume climbed to register accumulation.
The NASDAQ 100 still has a wedge breakdown to consider, and hasn't quite enjoyed the same gain as the NASDAQ Comp, but it did enough to hit my stop.
Today is an opportunity to confirm yesterday's gains and to pressure shorts looking for a break of support. Small Caps look best positioned to reward bulls.
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