Monday, November 22, 2010

Daily Market Commentary: Bulls Keep Pressure on Resistance

Tech and Small Caps kept bullish momentum going, helped in large part by strength in semiconductors. Semiconductor gains were helped by the earlier bear trap at the 20-day MA. It finished the day just below a potential breakout.

($SOX)

via StockCharts.com

The Nasdaq cleared declining resistance and pushed above its 20-day MA as it mounts a challenge on the November high.

($COMPQ)

via StockCharts.com

The S&P stalled at resistance, but was able to recover earlier losses.

($SPX)

via StockCharts.com

While Small Caps are riding below former channel support turned resistance.

($RUT)

via StockCharts.com

Bullish action in the more speculative Tech and Small Caps indices is good news for buyers. Semiconductors are doing the driving and for now, 20-day MAs are the support.

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