Daily Market Commentary: 200-day MAs Offer Frustration But Technicals Net Positive
For the Russell 2000 there is the risk of a bull trap following Friday's edge above resistance although technicals are net positive.
($RUT)
via StockCharts.com
The Dow, likewise, enjoys net positive technicals, but really it's stuck in a no-mans land in the middle of a rising channel.
($INDU)
via StockCharts.com
Likewise, the Nasdaq 100 enjoys net positive techncials even if market direction is lacking.
($NDX)
via StockCharts.com
The only worry was the semiconductor index which drifted out of the former range - a drop required to maintain the bear trap.
($SOX)
via StockCharts.com
Not too much to take out of today. Volume was little heavy given it was geared towards selling after the long weekend, but there is room for bulls to work with.
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