Wednesday, April 24, 2013

Daily Market Commentary: Impasse

Some small gains, but nothing to suggest a follow through to the past three days of buying. Volume climbed to register an accumulation day, but it barely registered as one. The only real point of note was the finish above resistance and converged 20-day and 50-day MAs in the Russell 2000.


The Nasdaq is working towards a relative gain against the S&P, after a continuous decline for all of 2013.  Not sure if it will be enough to feed a rally, but it will help.


The Nasdaq 100 is on the right side of pressuring the 'bull trap', although it's not yet negated.


The semiconductor index was able to finish the day net bullish. This too will help the Nasdaq 100 and Nasdaq push higher.


Bulls have work to do, but today keeps the four day rally going. However, the 'bull traps' in the indices will need to be taken out soon if a larger rally is to evolve.

---

Follow Me on Twitter

Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. You can read what others are saying about Zignals on Investimonials.com.

JOIN ZIGNALS TODAY - IT'S FREE!
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c