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.



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.



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



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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