Tuesday, July 14, 2009

Stock Market Commentary: Minor Gains

It was a day for the semiconductors with the SOX enjoying a MACD trigger 'buy' and negation of the bearish divergence in its CCI; long term stochastics [39,1] are just shy of crossing the bullish mid-line which would be enough to turn all technicals net bullish. Resistance of 272 (the June reaction high) is next on the list of challenges


With semiconductors ticking over nicely there was enough groundwork done to see new reaction highs for on-balance-volume and breaks of the 20-day MAs in the Nasdaq and Nasdaq 100



Large and Small Caps were relatively uneventful with overhead MA resistance still a concern.

Maybe there is room for further gains tomorrow? Look to the semiconductors for leads...

Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.

 
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