Daily Market Commentary: Minor Losses

Not exactly the doom and gloom it might have been, but it will still register as a down day for the markets. However, markets still have room to run to resistance and recent volume trends have favored buyers - even if overall volume has been very light. The Dow has channel resistance in its sights.

($INDU)

via StockCharts.com

While the S&P maintains its breakout while been some distance from next resistance.

($SPX)

via StockCharts.com

The Russell 2000 looks poised to break 672 resistance

($RUT)

via StockCharts.com

One index which has traded good volume and enjoyed golden crosses between 20-day x 50-day and 50-day and 200-day MAs is the Nasdaq 100. It also has plenty of room to support.

($NDX)

via StockCharts.com

While the semiconductor index has put the threatened bull trap to rest. There should be enough to make it back to 377, but the 200-day MA is first up as a challenge.

($SOX)

via StockCharts.com

The August rally is looking rich, especially for indices like the Nasdaq 100, but there is no immediate concern for a price collapse and it's going to take more than one bad day to put this rally to rest.

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