Monday, December 20, 2010

Daily Market Commentary: More Minor Gains

There was very little to add to comments of the past few days. The S&P edged higher in what I have drawn as a new, wider upward channel. The angle of this channel suggests the rally will easily last into the start of 2011.

($SPX)

via StockCharts.com

The Russell 2000 scored a minor victory by reversing an early 'sell' trigger in the CCI. Although the index struggled to hold early day gains, it trades well inside its rising channel.

($RUT)

via StockCharts.com

Of these new rising channels the Nasdaq 100 is riding closest to support - watch for leads.

($NDX)

via StockCharts.com

As for Tuesday, it looks like it will be more of the same - small gains but likely little opportunity for anything more than scalped returns.

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