Wednesday, September 15, 2010

Daily Market Commentary: Small Gains but Semiconductors Quiet

Bulls will be pleased with the day's gains but the semiconductor index was sadly lackluster. The semiconductor index needs to crack the weak rebound high from early August for it to build some momentum.

($SOX)

via StockCharts.com

Such a move would set the cat amongst the pigeons for the Nasdaq 100 which nestled itself against resistance.

($NDX)

via StockCharts.com

And add further air to the Nasdaq breakout

($COMPQ)

via StockCharts.com

Small Caps also have a breakout to work with and is hanging tough at the 200-day MA

($RUT)

via StockCharts.com

But not much to add for the S&P, other than holding above the 200-day MA.

($SPX)

via StockCharts.com

While the market is extended in the short term I wouldn't be surprised if the semiconductor added over 1% as part of a mini-base breakout which will help take the Nasdaq and Nasdaq 100 higher.

Follow Me on Twitter

Build a Trading Strategy Business in Zignals



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.
JOIN US TODAY - IT'S FREE!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c