Base Building Continues

Another Day inside the trading range, another day of waiting. Not a whole lot to say about Friday. The S&P remained tightly bound and confined to a narrow horizontal range. On-Balance-Volume switched to a 'sell trigger' as other technicals remained positive. The preferred trade is still an upside breakout from the hande.
 

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The Nasdaq almost delivered a handle 'breakout' but wasn't able to put some distance from the handle. Any additional upside should be enough to deliver the breakout. Unlike other the S&P, supporting technicals are all positive.
 

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Contributing to Nasdaq strength is the near 1% gain in the Semiconductor Index. It's close to challenging the 'bull trap' as it delivered the handle breakout the Nasdaq was so close to creating.
 

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The Russell 2000 is still protecting its breakout and is the index best placed to reward momentum traders. Look for further upside.
 

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The Dow Industrial Average is also working a minor breakout of its own. This is a better value play as it looks to shape a right-hand-side base up to January's highs.
 

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The relationship to the Transports also looks positive with a fresh breakout in the ratio; buy the strength.
 

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For tomorrow, continue to look for bullish handle breakouts from indices which have yet to deliver.

I invest in my pension fund as a buy-and-hold.

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