Despite the lack of nearby support for the semiconductor index, it is enjoying a relative strength shift in its favor against the Nasdaq 100.
The Russell 2000 finished with another doji. It had looked liked it was going to make another pass at its 200-day MA, but bulls were resilient enough to prevent this from happening.
The S&P was relatively non-eventful. Play for a move down to its 200-day MA.
Otherwise, what was said yesterday, still holds today. Buy the Nasdaq and Nasdaq 100 / Sell the S&P.
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 Trading Strategy Marketplace 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 strategy and sell it in the MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!