Friday was an uneventful day for the indexes after they posted higher highs on Thursday. The NASDAQ Composite Index held in a tight range as volume declined, which looks constructive as an orderly one-day consolidation after five-straight days of upside since clearing its 50-dma. The index is now extended from the 50-dma and looking, at least for now, like it has its eyes set on testing the all-time highs it set in March.
The S&P 500 Index, by contrast, looks a little wedgy as it posted higher highs on Friday, but on declining volume. This was also the case on Thursday as the index pushed higher to clear the mid-April highs. This makes the index look vulnerable to a pullback.
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