Sunday, April 26, 2015

Indices Maintain Breakouts But Semiconductors Breakdown

There wasn't a whole lot of action during the cash market session as indices held on to most of their premarket gains. The only index to come up short was the semiconductor index. It confirmed a wedge breakdown, and it's looking increasingly likely a double top is in play. A retest of the 200-day MA would appear to be the favored outcome going forward.

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Thursday, April 23, 2015

Tech Indices Add To Breakout

The Nasdaq broke resistance yesterday, and today the 'bull trap' in the index was negated. Trading volume also climbed to register as accumulation, The Nasdaq is market leader against the S&P and Russell 2000; bulls will look for continued money flow into speculative issues to drive the broader rally.

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Wednesday, April 22, 2015

Nasdaq Pushes to New Highs

The Nasdaq and Nasdaq 100 gained ground, the former index is in the process of building a challenge on the 'bull trap' high, although the latter index still has converged resistance to take care of. Nasdaq gains were on lower volume, but technicals remain positive.

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Tuesday, April 21, 2015

Sellers Return But Damage Is Minimal

The spectre of Friday's selling was in the air, but when sellers did make an appearance the net result wasn't too damning.

The S&P is caught in the middle between 2120 resistance and rising trendline support. There was also a relative strength shift away from Large Caps, although this is more bullish for the market as a whole.

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