Daily Market Commentary: Bulls Push On

Monday's gains are proving themselves to be more than just a flash in the pan. Volume picked up to register an accumulation day for some key indices.

The S&P continues its advance, plotting a course through the middle of its rising channel. It's looking good for further gains.

($SPX)

via StockCharts.com

The Nasdaq presented another buying opportunity at the open, working off combined support of 2,670 and the rising channel. Good volume and lots of room to get to channel resistance. Blot of the paper is the MACD 'sell' which is still in play.

($COMPQ)

via StockCharts.com

The Russell 2000 was able to dig in at its 20-day MA.

($RUT)

via StockCharts.com

While the Nasdaq 100 reversed the MACD trigger 'sell' but continues to run below former channel support. More likely this is a shift to a new, slower, channel.

($NDX)

via StockCharts.com

Even the semiconductor index got into the action with buyers stepping in at channel support.

($SOX)

via StockCharts.com

Look for the buying to continue and take into consideration the possibility of a new, slower channel for the Nasdaq 100. Bulls taking it slow.

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