Today it was the turn of the S&P and Nasdaq to make their moves as the Russell 2000 (IWM) takes a rest after its breakout. The Nasdaq had the best of the action as it cleared ascending triangle resistance (although, not all-time high resistance). Technicals are net positive with a new MACD trigger 'buy' the latest bullish trigger. Volume was a little light, but price action is key.

The S&P staged a counter move to the significant gap down in mid-January. Technicals are mixed, which is compounded by underperformance relative to the Nasdaq, that may slow the breakout, should it come.

The Russell 2000 (IWM) consolidated with a nice (small) bullish hammer. It may offer a buying opportunity, but a test of the 20-day MA would offer a better value trade.

The asset that looks to be on the verge of another big move (down?) is Bitcoin. The 'bull trap' from its base is not great, and if it loses $85K support, then a measured move to the $60Ks would not be unreasonable. No doubt, some of its underperformance is due to the strength in gold and silver, which are acting much like a cryptocurrency.

I haven't much to add on Gold, although it's looking very extended relative to its 200-day MA.

So, without every washing out as it did post-Covid, indices are once again pushing towards new highs and resuming their bullish trends.

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