Stock Market Commentary: Modest Gains
Yesterday's bounce followed through without challenging prior highs. Volume was lower suggesting a level of reluctance to bid the market to new highs. Nasdaq technicals were unchanged, reflecting the general quiet action.
The Dow was somewhat unique in it chalked a new closing high, even if the gain at the end was only 0.3%
The index to watch on Friday is the semiconductor index; it finished with an inside day of an inside day. This coiling action at the 20-day MA sets up the 'tension' for a sizable move and potentially a gap move for Friday - the direction of the move is not assured but a move down has probably the edge.
If the semiconductors take another step down it will heap further pressure on the rallies of the Nasdaq and Nasdaq 100. But it hasn't happened yet.
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The Dow was somewhat unique in it chalked a new closing high, even if the gain at the end was only 0.3%
The index to watch on Friday is the semiconductor index; it finished with an inside day of an inside day. This coiling action at the 20-day MA sets up the 'tension' for a sizable move and potentially a gap move for Friday - the direction of the move is not assured but a move down has probably the edge.
If the semiconductors take another step down it will heap further pressure on the rallies of the Nasdaq and Nasdaq 100. But it hasn't happened yet.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets under the user id: ‘Fallond’, ‘ETFTrader’ and ‘Z_Strategy’ available through the latest rich internet application for finance, the Zignals Dashboard; many are ranked in the top-20 for 3-month and YTD performance.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com; ranked top-20 software product out of 285 listed. Join today - it's free!
