Tuesday, January 11, 2011

Daily Market Commentary: Narrow Range Day

Low volume and a tight intraday spread didn't change a whole lot. The built-in tension could unwind with a further push higher - particularly for an index like the S&P which is trading in the middle of its channel.

($SPX)

via StockCharts.com

The flatlined MACD reversed its 'sell' trigger and even managed a modest accumulation day. Watch how it behaves on selling given its proximity to channel support.

($COMPQ)

via StockCharts.com

The Nasdaq 100 finished on former channel support; is this a return to the dominant channel or just a peak in the rally?

($NDX)

via StockCharts.com

Although after a series of strong days the semiconductor index was quiet.

($SOX)

via StockCharts.com

Rally intact - even if a little dull today.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Zignals Trading Strategy Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.

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