Not a headline to drive clicks, but this is the reality of the market. The Russell 2000 (IWM) closed with a narrow range doji just below its 200-day MA. The indecision suggests the 200-day MA will act as resistance, but the index is playing off a breakout.
The S&P 500 managed to do more than just post a doji as it works its way towards challenging all-time highs. The small white candlestick was a little better than the doji elsewhere. We are still waiting for a MACD trigger ’buy’.
The Nasdaq is the S&P 500; the index is working towards a challenge of the ’bull trap’ and is the same predicament as the Tech index.
Bitcoin ($BTC/USD) posted strong gains after clearing its ’bull flag’ yesterday, while today’s action consolidated those gains, managing to recover early intraday losses. Better still, it managed to recover net bullish technical strength. Things are looking good for Bitcoin.
For today, indices (and Bitcoin) remain well placed for further bullish gains. While no one can predict what comes next, a solid white candlestick feels due.