Wednesday, August 08, 2012

Daily Market Commentary: Consolidation

In a similar vein to yesterday's, markets traded in a relatively narrow range, to the extent many traded inside yesterday's range. Volume dropped as is typical with a consolidation.

The semiconductor index was able to push its advance a little while technicals made good ground.


The Nasdaq eased back a little, but is above 2,988 support.


While the S&P managed to make a small gain.


The Nasdaq 100 bucked the trend by trading some big volume at resistance; it remains an aggressive short at resistance.


Will bears make an appearance tomorrow? The presence of the Nasdaq 100 and Dow Jones at channel resistance suggests their side is favoured.

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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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