Daily Market Commentary: Pause in Rally
After a string of gains across lead markets today saw a pause as marked by today's narrow day doji / small white candlesticks. The best of the action came from semiconductors. Here, the makings of a larger bear trap emerged following August/September weakness. The close above 330.90 offers a platform for bulls to work from - The 50-day MA is the next challenge.
($SOX)
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($SOX)
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The semiconductor warm glow was seen in the Nasdaq 100; note touch of resistance.
($NDX)
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And the Nasdaq was able to strengthen its consolidation breakout on the back of higher volume accumulation.
($COMPQ)
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While the S&P was relatively unmoved:
($SPX)
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For tomorrow, keep an eye on the semiconductor index and watch performance at its 50-day MA. A break of this offers room for a move to the 200-day MA which will give Tech indices a chance to pull away from their consolidations and strengthen the rally. All to play for.
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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.
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