Thursday, April 22, 2010

Daily Market Commentary: Bulls Keep The Pressure On

Small Caps again took charge and dragged Tech indices with the help of the semiconductor index. Bulls used rising support to launch their attack as the Russell 2000 added another percentage point. Supporting technicals made modest gains but are mapping bearish divergences with lower highs - but bulls won't be complaining too much.

($RUT)

via StockCharts.com


The Nasdaq managed a new closing high, Thursday's trading engulfing the narrow trading range from Wednesday. It's nicely set up for a positive Friday.

($COMPQ)

via StockCharts.com


The semiconductor index added close to 2%, negating what was the most bearish close from the indices I track

($SOX)

via StockCharts.com


The strength in Small Caps and Tech filtered down to at least a positive finish for the S&P. But even here there is enough to suggest Friday could follow through higher

($SPX)

via StockCharts.com


Markets are nicely poised to continue higher - extended though they are. Will Amazon and Microsoft earnings be the dampner?

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