Daily Market Commenary: Bulls Push On
Bulls rebuffed an attempt by bears to push the S&P lower. They were able to recover intraday losses to close the index near the day's high. Volume climbed to register an accumulation day. Since technicals turned net positive there have been eight accumulation days to three distribution days.
($SPX)
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($SPX)
via StockCharts.com
The Nasdaq also marked an accumulation day. It's gains were helped by the semiconductor index.
($COMPQ)
via StockCharts.com
The semiconductor index was able to do the leg work it couldn't do yesterday, pushing away off its 200-day MA.
($SOX)
via StockCharts.com
With Tuesday's gains there is a reasonable chance the rally will continue tomorrow, squeezing shorts out of their positions. Short positions in the Dow are perhaps most vulnerable.
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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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