Daily Market Commentary: 200-day MAs Key as MACD trigger 'buys'

It was a mixed day for the markets. For the S&P (and Dow) the 200-day MA ended up the perfect containment for the rally (along with a converged 20-day MA). On the flip side there was a MACD trigger 'buy' as relative strength made a push back towards speculative issues - also bullish.

($SPX)

via StockCharts.com

The Nasdaq followed the lead of the semicondcutor index and broke through declining resistance with a MACD trigger 'buy'

($COMPQ)

via StockCharts.com

Small Caps are approaching resistance of a downward channel with the 200-day MA acting as support and the 20-day MA playing as resistance (so far).

($RUT)

via StockCharts.com

Tomorrow sits on the precipice for bulls; a gap higher in the morning could see a big day as shorts drive short covering and 20-day MAs are once again support. A weak open will keep prices inside the week long range, but even a large down day is unlikely to break this range. If looking to short place stops 1% above 20-day MAs.

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