Daily Market Commentary: Maintains Gains

Another good day for bulls as yesterday's gains were held throughout the day. For the S&P the narrow doji was able to hang above the 200-day MA. Low volume kept the hardest of the selling at bay.

($SPX)

via StockCharts.com

For the Nasdaq there was a bull cross in on-balance-volume; emphasizing a swing towards bullish accumulation.

($COMPQ)

via StockCharts.com

The Dow was similarly impressive with both a bull cross for on-balance-volume and a doji which held the 200-day MA.

($INDU)

via StockCharts.com

While the Nasdaq 100 is very close to breaking a second resistance line running very close to its 50-day MA.

($NDX)

via StockCharts.com

And finally, the semiconductors turned net bullish technically as the 50-day MA held by the close of business.

($SOX)

via StockCharts.com

All-in-all, a very good day for bulls. A few more days like today with some tight trading will nicely set up a challenge on April highs. A worst case scenario would be a series of down days with each subsequent down day giving back a little more than the previous day. Three or four days like this generally lead to price collapse.

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