Daily Market Commentary: Bulls Start The Week Positively

Markets continued to trade inside their narrowly defined rising channels. Only the semiconductor index disappointed with a lower close - but one which held its 200-day MA.

($SOX)

via StockCharts.com

The S&P closed near the day's high, breaking two days of quiet trading.

($SPX)

via StockCharts.com

The Russell 2000 is trading in the middle of its rising channel, but relative strength has shifted away from small caps towards tech (more bearish).

($RUT)

via StockCharts.com

Although Tech is getting a little stretched with a potential shooting star for the Nasdaq 100.

($NDX)

via StockCharts.com

September's consolidation may be the buffer for a measured move in the Nasdaq and Nasdaq 100 (and S&P to a lesser degree). This could see the S&P touch 1,250 and the Nasdaq get to 2,585. Bulls maintain control of the market.

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