Daily Market Commentary: Semiconductors at Channel Resistance
($SOX)
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The Nasdaq 100 is hugging former support line. I have placed greater emphasis on the shallower channel as new support. Volume was a little disappointing, so this trend may flatten more into a sideways consolidation.
($NDX)
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Small Caps are on the verge of a new MACD trigger 'buy' signal (above the bullish zero line). Bissecting support/resistance.
AAAAAAAAD Russell 2000 Small Cap Index ($RUT)
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Meanwhile the S&P continued to push higher on good volume accumulation
($SPX)
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Little to suggest the rally is about to end for any of the indices. The only case where technicals look weak is where there is a flat-lining in some of the index MACDs. Tomorrow is another day.
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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