Daily Market Commentary: Repeat of Friday
Apple had set a bearish tone at the open, but bulls were able to rally at the close to leave markets poised for further gains. Not surprisingly, the Nasdaq posted a higher volume distribution day, but it didn't negate the flag breakout. The index remains in good shape for bulls.
While Apple may be weighing on the Nasdaq, it does have the help of a vastly improving semiconductor index. A break of September's swing high would help do the same for the Nasdaq.
The Russell 2000 has experienced a series of narrow range inside days, which suggests a big swing move is about to follow. This should follow the prior trend and break higher.
The S&P is also ready to clear its September high. Unlike the Nasdaq, there was no distribution in this index - another positive sign.
For Tuesday, watch for upside follow through following last week's consolidation breakouts
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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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While Apple may be weighing on the Nasdaq, it does have the help of a vastly improving semiconductor index. A break of September's swing high would help do the same for the Nasdaq.
The Russell 2000 has experienced a series of narrow range inside days, which suggests a big swing move is about to follow. This should follow the prior trend and break higher.
The S&P is also ready to clear its September high. Unlike the Nasdaq, there was no distribution in this index - another positive sign.
For Tuesday, watch for upside follow through following last week's consolidation breakouts
----
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!
