Thursday, September 16, 2010

Daily Market Commentary: Quiet Day

The market is poised to push higher, helped by the mini-breakout in the semiconductor index.

($SOX)

via StockCharts.com

And breakout in the Nasdaq 100. Although with the series of gains posted in this index there is a strong chance of a move back below the 1,939 breakout level - raising the possibility of a bull trap (although the 20-day MA is likely to act as support on a downleg).

($NDX)

via StockCharts.com

Meanwhile, the S&P did little to attract interest

($SPX)

via StockCharts.com

For Friday, watch how the breakout in the semiconductor index develops - this is likely to govern how far this rally can go.

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