Tuesday, July 31, 2012

Daily Market Commentary: Quiet Day

Very little to add on today's action.  Markets traded slightly down on light volume. Friday's technical improvement is clear in all charts.


The Nasdaq is stuck under declining resistance with On-Balance-Volume dithering around a potential 'sell' trigger.


While the Russell 2000 is effectively range bound, above key 50-day and 200-day MAs, but below the 20-day MA.


The only real point of note was the net bullish turn in technicals for the semiconductor index. The 390 line is the breakout point


Tomorrow will probably be more of the same, but with the improvement in semiconductors there is a good chance the Nasdaq will get to see best of the gains.

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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 Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.

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