Tuesday, July 20, 2010

Daily Market Commentary: Better Stuff From Bulls

Where yesterday was a little mixed with indecision, today bulls took the opportunity to stamp their authority.

The S&P enjoyed a higher volume accumulation day but remains range bound by my newly defined down channel

($SPX)

via StockCharts.com

Similar story for the Nasdaq with support at 2,152 holding.

($COMPQ)

via StockCharts.com

Small Caps enjoyed a bullish engulfing pattern to yesterday's doji

($RUT)

via StockCharts.com

While the SOX dug in at the 200-day MA with a doji

($SOX)

via StockCharts.com

With resistance overhead it's likely to be a relatively quiet day but should bulls clear newly defined down channels it could be another day for closing at the day's highs. Breadth indicators still edge in favour of a bottom.


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