Daily Market Commentary: Buying Support?
($SPX)
via StockCharts.com
The Nasdaq is also hugging channel support and is about to 'Golden Cross' its 50-day MA to 200-day MA.
($COMPQ)
via StockCharts.com
The Russell 2000 closed higher, but left with a MACD trigger 'sell'.
($RUT)
via StockCharts.com
The semiconductor index sits at converged 20-day and 200-day MAs and has so far resisted an easy opportunity to push down to the 50-day MA. But this index has to get itself into gear if the broader rally is going to continue so an index like the Nasdaq 100 can challenge 2007 (pre-credit crunch) highs.
($SOX)
via StockCharts.com
Market Breadth is pushing towards a market top. Technicals in the Percentage of Nasdaq Stocks above the 50-day MA have begun to weaken with a 'sell' trigger for the CCI and MACD. So far, this is the only breadth indicator to suggest a larger correction is about to begin.
($NAA50R)
via StockCharts.com
Breadth is playing to a top, but the Nasdaq has done enough to keep the prior trend intact. No reason to be a buyer in this situation (at least nothing beyond a day trade).
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