What Friday took away, Tuesday gives back. The modest trend which was established in November remains in play. No index challenged its most recent swing high, so really there was no net change in the overall picture for indices.
The Nasdaq (COMP) is still holding to its MACD trigger 'sell', but other technicals are net positive.
The S&P also posted a gain, but it wasn't enough to reverse the MACD trigger 'sell'. Buying volume was also below recent selling. A fairly tepid buying day.
Small Caps has enjoyed a much stronger advance since the bullish island reversal in November. The rate of the advance has been sharp and narrow - making it vulnerable to a sharp correction. However, to anticipate this is a dangerous game.
Markets posted small gains but it was a bit of a nothing day. Headlines have to be made, but today wasn't one of them.
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