The fly in the ointment is the Russell 2000 (IWM). It barely moved the needle today as the index remained range-bound. Relative performance has struggled since it failed to breakout in May, but it needs volume.
The Dow Jones Industrial Average is proving to be the odd one out. It posted a decent gain today but is range-bound like the Russell 2000. Unlike the S&P and Nasdaq, technicals are net positive.
For tomorrow, look for the Nasdaq to take out last Friday’s top-looking spike high. If it can’t, or gaps are higher and starts to fall, then there could be bigger problems. The narrow trading ranges that have played over the last couple of weeks in the S&P and Nasdaq do suggest a more bullish outlook, but let’s see what the day brings. The Russell 2000 remains too noisy to suggest a big gain or loss could offer any directional guidance.More By This Author:Late Selling Sends Markets Below Their Friday Open Price Modest Gains For S&P And Nasdaq As Follow Through Selling Fails To Emerge Sellers Strike, Nixing Extended Rallies In The S&P And Nasdaq
