Is this the breakout markets have been waiting for? Both the S&P and Russell 2000 edged past resistance and the Nasdaq has managed to climb above 5,000, although it's a few days from challenging the high. The S&P needs to follow through higher (very) soon to put this consolidation from February to bed.
The Russell 2000 breakout will have to push past 20-day and 50-day MAs, from where it finished today. One concern is the sharp underperformance of the index relative to the Nasdaq and S&P, but price action is key.
The Nasdaq only has the high at 5119 to contend with and looks ready to trigger a new ‘buy' signal in the MACD. It also enjoys an improved relative advantage against the S&P.
Tomorrow is set up for bulls, but will bulls feed at the table?
