Thursday, June 17, 2010

Daily Market Commentary: Second Day of Status

Another good day for bulls; trading which has rebuffed attempts to sell off. For the S&P there was a second day of narrow trading in the upper range of Tuesday's gain. While 1,100 support holds there is reason for optimism.

($SPX)

via StockCharts.com

The black candlestick for the Nasdaq needs to be watched as a potential top; a gap down tomorrow would be a warning sign for a reaction top in the index.

($COMPQ)

via StockCharts.com

While the Nasdaq 100 popped over declining resistance with the 50-day MA less than 15 points overhead. On-balance-volume enjoyed a bullish cross of the trigger line in favour of accumulation.

($NDX)

via StockCharts.com

Bulls keep things ticking over for another day. Odds favour a push higher.

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