Wednesday, April 27, 2011

Daily Market Commentary: Another Advance

Decent gains on low volume. The Fed didn't send any shock waves through the market which was enough to keep the optimism flowing.

The S&P tested support of 1,343 intraday and may do so again over the coming days, but it set up the battleground for buyers to fight it out at. Technicals bullish.

($SPX)

via StockCharts.com

It was a similar story for the Nasdaq. Maybe technicals are a little more bullish? Helped by a relative leadership role to the S&P.

($COMPQ)

via StockCharts.com

Small Caps had their moment in the sun as they closed above 855 resistance, marking a new multi-year high for the index.

($RUT)

via StockCharts.com

The Nasdaq 100 also broke resistance.

($NDX)

via StockCharts.com

All-in-All, another good day for bulls. Bears have nowhere to hide...


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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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