Bulls Make Back Early Afternoon Losses

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 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.

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The Nasdaq also felt pressure with it own sell off. Volume was down on recent weeks, but it was enough to keep bulls in control. 

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The Russell 2000 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. 

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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. 

Disclosure: None.

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