Some decent stuff from indices without rocking the boat.
The Nasdaq is back pressuring the 'bull trap' as it looks to break to new all-time highs above 14,211. Technicals are net positive including a relative performance advantage over the Russell 2000. Trading volume is a little light for a resistance challenge, but I would look for this to change on the break.
The Russell 2000 fell outside of its handle, but today's close - while lower - marked a successful test of the 50-day MA on bullish hammer on higher volume. Technicals may have shifted negative with On-Balance-Volume and ADX both on 'sell' triggers, but I would lean on price action more here. This still looks good for a break of March swing highs.
The S&P fell out of its rising trend, but like the Nasdaq is poised to breakout. The 200-day MA and 50-day MA have converged through most of 2021, but the index is currently defending its 20-day MA (successfully). Aside from momentum, technicals are bearish, but price action is dominant. Should be enough to drive a breakout given the surge in trading volume.
Indices are pressuring resistance in a manner favoring a follow-through move higher. Sneaky traders could buy in anticipation, but don't hold if prices drift strongly away from resistance.
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