As long as we do not decisively breach the 770 level in the the Russell 2000 (^RUT), a bullish continuation pattern is the most likely scenario for the rest of the year.
The ETF for the homebuilding sector, XHB, has reached an important chart level as it recorded a tiny body hammer candlestick at the intersection of the 200- and 50-day EMA.
Investment banks are reporting record earnings, bankers are celebrating opulent bonuses and the global economy is awash in liquidity. It certainly appears to be the season to be jolly.
The semiconductor sector has been meandering within a confined range since early September and SMH seems to be headed for another test of the lower boundary.
The chart for the Nasdaq 100 (^NDX) clearly reveals the index is entering the apex of a triangular formation, and the pattern suggests that a directional breakout is expected soon.
After a relentlessly upward path, the index for the primary Indian exchange (^BSESN) is showing the first corrective action to bring it below its 20-day EMA since early September.
With the Russell 2000 and Dow Jones Industrials already in new all-time high territory, Clive Corcoran suspects that the 1527 target for the S&P will prove to be a powerful attractor in the weeks to come.
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