Daily Market Commentary: Buyers Turn Up Late

A day for wild swings with early opening losses giving way to a steady clawback through the day. Oversold technicals suggest days action is some form of confirmation bottom. Even with yesterday's idea to buy Tuesday's open it would have been a brave move in the face of morning heavy selling with pushes beyond what would have been considered safe stop zones. A better opportunity looks to have presented itself here with a loss of today's lows the new stop zone.

For the Russell 2000 this offers a second bite of the cherry with a stop at 611. Tellingly, bulls were able to hold the 200-day MA for a third day in a row. Note the bullish divergence in the CCI too.

($RUT)

via StockCharts.com

While the semiconductor index was able to defend rising support of February-May lows even though it opened the day below the line.

($SOX)

via StockCharts.com

There was a more traditional spike low for the S&P with an increase in volume

($SPX)

via StockCharts.com

The Nasdaq 100 edges the weaker Nasdaq as a long side play. Unlike the Nasdaq, the Nasdaq 100 was able to finish above the 200-day MA with two strong accumulation days over the past 3 days. If there is a catch it's stochastics are not truely oversold.

($NDX)

via StockCharts.com

Tomorrow should see bulls gain some confidence, but whether it can lost longer than a couple of days is the big question.

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