Daily Market Commentary: Important Tests
After a continuous sequence of gains markets have approached areas of potential (strong) resistance. The only indices with room to maneuver are Large Caps: S&P and Dow.
The S&P has plenty of room before it gets to channel and 50-day MA resistance. Other indices are more likely to influence tomorrow, so expect Large Caps to follow - not lead.
($SPX)
via StockCharts.com
The Nasdaq finished at converged 2,616 and 50-day MA resistance. Shorts will be chomping to take down the 4-day rally; will they succeed?
($COMPQ):
via StockCharts.com
Resistance in the Nasdaq 100 is a little stronger given convergence resistance is at the 200-day MA, not 50-day MA. The main plus is the net bullish turn in technicals.
($NDX)
via StockCharts.com
While the semiconductor index also has resistance to overcome at 381.
($SOX)
via StockCharts.com
Small Caps did little today and are unlikely to do too much tomorrow.
All eyes should be on Nasdaq, Nasdaq 100 and Semiconductors with shorts likely to be first out of the stalls tomorrow.
Follow Me on Twitter
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.
Zignals offers a full suite of FREE financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!
The S&P has plenty of room before it gets to channel and 50-day MA resistance. Other indices are more likely to influence tomorrow, so expect Large Caps to follow - not lead.
($SPX)
via StockCharts.com
The Nasdaq finished at converged 2,616 and 50-day MA resistance. Shorts will be chomping to take down the 4-day rally; will they succeed?
($COMPQ):
via StockCharts.com
Resistance in the Nasdaq 100 is a little stronger given convergence resistance is at the 200-day MA, not 50-day MA. The main plus is the net bullish turn in technicals.
($NDX)
via StockCharts.com
While the semiconductor index also has resistance to overcome at 381.
($SOX)
via StockCharts.com
Small Caps did little today and are unlikely to do too much tomorrow.
All eyes should be on Nasdaq, Nasdaq 100 and Semiconductors with shorts likely to be first out of the stalls tomorrow.
Follow Me on Twitter
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.
Zignals offers a full suite of FREE financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!
