Daily Market Commentary: Low Volume Gains
($SPX)
via StockCharts.com
The Nasdaq did it's bit by making a good case for a bull trap supported by a MACD trigger 'buy' and a bullish cross in the on-balance-volume trigger line.
($COMPQ)
via StockCharts.com
Small Caps are fast approaching declining resistance with the 200-day MA overhead. There was also a bull cross between +DI / -DI directional index, leaving just stochastics to complete net bullish technicals.
($RUT)
via StockCharts.com
The semiconductor enjoyed the best of the day's gains - but this gain still wasn't enough to create a bear trap (but it helps). Look for a test of the 20-day MA Friday which is just 3 points away.
($SOX)
via StockCharts.com
Tomorrow's action will be dictated by the nonfarm payroll data, but the past couple of days give bulls a little wiggle room on weakness.
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