Daily Market Commentary: Could Have Been Worse
($COMPQ)
via StockCharts.com
Losses in the S&P didn't break former channel resistance turned support.
($SPX)
via StockCharts.com
And while it was looking bad for the Russell 2000 it was able to hold the 200-day MA with a 'Golden Cross' between 20-day and 50-day MAs. However, there was a 'sell' trigger in the CCI and 672 is looking firm resistance.
($RUT)
via StockCharts.com
Once again, semiconductors were left in the worst state. The days' modest losses were enough to leave a potential bull trap behind - although in reality it's more likely to morph into a new trading range; time will tell. Technically, there were 'sell' triggers for the CCI and ADX.
($SOX)
via StockCharts.com
Today gave us the opening weakness, but not the hard drop. It still looks probable tomorrow will continue the selling and whether it proves to be a temporary event will be governed by the volume. Bulls will want light volume selling, bears will want to crack the nascent trading range breakouts - confirming supply zones.
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