Tuesday, June 27, 2017

Semiconductors Experience Heaviest Loss

Yesterday's losses followed through with fresh declines on higher volume distribution. Worst hit was the Semiconductor Index as it gave up nearly 3%. Today's finish left it at rising channel support and a chance for bulls to mount a rebound. Technicals are net bearish after stochastics undercut the mid-line which suggests a more prolonged trend lower is in the making.

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Monday, June 26, 2017

Worrying Last Hour of Trading

After a bright start from markets with decent gaps higher, bears came in heavy in morning and end-of-day trading to beat markets back below yesterday's close.

The Nasdaq closed with bearish cloud cover, a pattern which frequently leads to lower prices the next day. Despite this, the breakout hasn't been violated. The MACD is working to a new 'buy' trigger and rising channel support should offer support if there is some follow through lower - helped by the convergence with horizontal support at 6,170. Don't be surprised if there is a quick push lower to test 6,170 before rallying back to 6,170 by the close of business.

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Sunday, June 25, 2017

Bulls Put On The Pressure

Markets finished Friday with a little flourish on higher volume accumulation. How much pressure varied between indices.

The Russell 2000 rallied off rising support as a 3-week bull flag takes shape. Watch for the confirmation breakout which will coincide with a challenge on the early June 'bull trap'.  I'm liking action in this index.

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Thursday, June 22, 2017

Russell 2000 at Rising Support

There wasn't much to say about today, but the one index which caught my attention was the Russell 2000. The index caught a bounce in demand at the rising trendline and also did enough to recover the 20-day MA. Traders looking for pullback opportunity could take a look at the Russell 2000. Stops on a loss of 1,397.

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