Thursday, October 07, 2010

Daily Market Commentary: Second Day of Rest

Bulls are afraid to stick their head above the parapet for fear of getting shot, but it would appear there are no bears to shoot them down. Markets traded around yesterday's range which suggests bulls still have control - it's just they don't know it!

The Dow sticks to the upper channel as technicals hold.

($INDU)

via StockCharts.com

Small Caps were similarly resistant

($RUT)

via StockCharts.com

The S&P had little to add - other than a 'Sell' in on-balance-volume.

($SPX)

via StockCharts.com

Another day when sellers fail to appear, another day which suggests bulls will take this higher.

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