Thursday, January 13, 2011

Daily Market Commentary: Pause in Advance

The rally took another one of its narrow day pauses while holding the bulk of yesterday's gains. The S&P flagged slightly heavier volume (selling), but that is all you could say about it.

($SPX)

via StockCharts.com

The Nasdaq 100 continued to hug former support as it closed with yer another multi-year high.

($NDX)

via StockCharts.com

But even the semiconductor index failed to excite. Today was the first lower close in nine trading days, but it's -0.04% drop was not one to write home about.

($SOX)

via StockCharts.com

So today's selling offered little other than suggest the rally is not yet done. Bulls to return tomorrow?

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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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