Daily Market Commentary: Strong Gains
($SPX)
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The Nasdaq similarly pushed beyond its 200-day MA and did so on higher volume accumulation. There is a case for a break of the three-and-a-half month consolidation too.
($COMPQ)
via StockCharts.com
The Russell 2000 also managed to clear resistance with a gap and break of 200-day MA; June-July reaction highs are next.
($RUT)
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The Nasdaq 100 went a step further and closed above the August reaction high (a very positive development)
($NDX)
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Even the semiconductors offered potential by re-engaging the bear trap; a close above 331 (just 4 points away) will confirm.
($SOX)
via StockCharts.com
So, a very positive day to follow a positive Friday. The concerns from Thursday's bearish black candlesticks have been eliminated and there is a good chance this is the start of another 1-2 weeks of gains.
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