Wednesday, June 23, 2010

Daily Market Commentary: Markets Hold On

It was a mixed day for the markets. Volume picked up as the 20-day MA held as support for the S&P. Wednesday's spinning top implied indecision but it was probably a better day for the bulls given volume was not accompanied by a more concerted point selloff.

($SPX)

via StockCharts.com

The Nasdaq had a quieter day, a tight trading day held 200-day MA support.

($COMPQ)

via StockCharts.com

As did Small Caps

($RUT)

via StockCharts.com

The Nasdaq 100 is interestingly positioned at former resistance turned support; looks an aggressive 'buy' for Thursday.

($NDX)

via StockCharts.com

While bulls have lost some of the momentum from the June bottom rally it looks like Thursday will give them an opportunity to offer a defense at key moving averages.

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