Tuesday, September 17, 2013

Daily Market Commentary: More of the Same

In an extension of yesterday's action, markets rose on low volume to keep the rally off August swing lows intact.

It was a slightly better day for technology indices as they managed to finish above the prior close, building on recent breakouts. The Nasdaq has eased in its relative performance against the S&P, but the breakout dominates.


The semiconductor index is helping with an interesting break of the MACD bearish divergence


Add to this a net bullish turn in the Percentage of Nasdaq Stocks on Point-n-Figure 'Buy' signals.


The S&P and Dow both improved, the Dow in particular has had a particularly good September in what has proven to be a picture-perfect channel bounce play.


While the Russell 2000 popped yet another breakout in what is a fresh momentum long play. Note uptick in relative strength against the Nasdaq (and S&P).


Lots of long opportunities in play (Dow), or coming into play (Russell 2000). Shorts have a hard time finding an angle to attack.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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