S&P 500: Next Leg Higher in the Offing as Index Holds Breakout Support

Stocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, Intel Corporation, iShares Russell 2000 ETF. Read Declan Fallon's latest article on Investing.com

Yesterday's action looked more like a Triple Witch Friday than anything you would expect to see on a Monday.The S&P 500 has done little over the past couple of days, despite doing what is most important, and that's holding breakout support.

Likewise, the Nasdaq has held on to its breakout gap, although remains someway from challenging July highs. Technicals are net positive, and the index is outperforming both the S&P and Last week I talked about the symmetry in the Russell 2000 , but the outcomes have been very different. Technicals are net positive and selling volume has been well below days of buying. If you were a swing trader, I would say buying at yesterday's close could prove profitable.

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