Daily Market Commentary: Toys With Support

This time it was bulls who toyed with bears. The S&P finished with a doji at support as my anticipated morning sell off failed to stick. The S&P was able to return to its opening price, but perhaps more interestingly, it was unable to break above intraday resistance of 1,187.5 from Monday. Watch this level for Wednesday as shorts may attack aggressively here.

AAAAAAAAAB S&P 500 Large Cap Index ($SPX): "

via StockCharts.com

"

The Nasdaq gapped below rising channel support but was able to make it a few points above yesterday's close.

($COMPQ)

via StockCharts.com

The semiconductor index also closed with a doji, but there was enough bullish momentum to reverse the early technical bear signs.

($SOX)

via StockCharts.com

Other bearish markers in the indices haven't reversed yet, keeping with their net bullish technical picture. Tomorrow is a toss up but the fact that indices are failing to push off their rising channel support suggest bears could turn the screw anytime. Buyer beware.

Follow Me on Twitter

Build a Trading Strategy Business in Zignals



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.
JOIN US TODAY - IT'S FREE!

Popular posts from this blog

Nasdaq primed for breakout

S&P "Bull Trap"?

"Black Candlesticks" are a concern for the S&P and Nasdaq

Archive

Show more