Daily Market Commentary: Bulls Hold On
The 20-day MAs have came into play for the semiconductor index and large cap indices. Volume was mixed and some indices performed better than others.
One of the better one was the S&P. The index closed near the day's high on higher volume accumulation. The challenge for bulls is getting past the 20-day MA.
($SPX)
It was the same story for the Dow, except it closed on its 20-day MA. If it was to break through it will run into resistance of the new 'Death Cross' between 50-day and 200-day MAs.
($INDU)
While the Russell 2000 finished just on resistance and remains in the same trouble as before.
($RUT)
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too.
Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!
One of the better one was the S&P. The index closed near the day's high on higher volume accumulation. The challenge for bulls is getting past the 20-day MA.
($SPX)
via StockCharts.com
It was the same story for the Dow, except it closed on its 20-day MA. If it was to break through it will run into resistance of the new 'Death Cross' between 50-day and 200-day MAs.
($INDU)
via StockCharts.com
The semiconductor index was mixed; it held 200-day MA support but couldn't break resistance of its 20-day MA.
($SOX)
via StockCharts.com
While the Russell 2000 finished just on resistance and remains in the same trouble as before.
($RUT)
via StockCharts.com
The feel good feeling from yesterday has worn of a little. Now it's important for June/July lows to hold as support when the inevitable period of weakness arrives.
Follow Me on Twitter
Build a Trading Strategy Business in Zignals
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too.
Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!