Tuesday, April 26, 2011

Daily Market Commentary: Bullish Breakouts

Yesterday saw the low key setups, today saw the glory-volume breaks; a good day for the indices.

The S&P followed the Dow by slicing through resistance (1,343) to a new yearly high on improving technical strength. Volume rose to register an accumulation day.

($SPX)

via StockCharts.com

The Dow had the perfect follow through to yesterday's low volume consolidation.

($INDU)

via StockCharts.com

The semiconductor index pushed beyond its 50-day MA.

($SOX)

via StockCharts.com

Which helped the Nasdaq break resistance.

($COMPQ)

via StockCharts.com

Only the Russell 2000 disappointed, but only in failing to make a new 2011 high; a minor disappointment.

($RUT)

via StockCharts.com

Indices are nicely set to make further advances, even if tomorrow sees another low volume consolidation.

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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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