Daily Market Commentary: Bulls Press On
($INDU)
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And the Russell 2000. It enjoyed a solid advance of over 1% in what is a very narrow and acute channel.
($RUT)
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The only disappointment was the semiconductor index. Looks like it did its hard work yesterday!
($SOX)
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Have we now to look at new channels? For the S&P there is a broader channel which broke today (as it did for the Dow) and a tight, narrow channel, similar to what is seen in the Russell 2000.
($SPX)
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Today's gains adds a different perspective to the move started in August. The likely outcome is this rally will continue to a test of resistance of the narrow, trending channels - not just for the S&P and Russell 2000, but for the Nasdaq, Nasdaq 100 and semiconductors too.
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