Thursday, April 28, 2011

Daily Market Commentary: Dow Advances and Semiconductors Stall

The Dow pushed higher for a third day in a row, taking it well beyond 12,400 support.



The gains in the Dow helped pull the S&P higher



And even the Russell 2000



Although the Nasdaq 100 finished with an inside day at breakout support.



Likewise the semiconductor index also closed lower with an inside day.



For Friday, the inside days of the semiconductor index and Nasdaq 100 offer the best trading opportunity. The Nasdaq 100 might offer the better prospect given it is lying at support; a loss of support and it's a bull trap (with a stop on a close above the 2-day high), while a gain defines the risk on a break of Thursday's low.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for 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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