Tuesday, October 22, 2013

Daily Market Commentary: Another Day Another Gain

Anyone trying to short channel resistance at the S&P would likely have had a very brief trade. Today's action pushed the index outside of its channel, albeit on low volume.


The Nasdaq had a day much like yesterday. Another doji, but on higher volume (accumulation?).  Given the extent of the advance, the higher volume looks more like churning - but the strength of the advance can't be ignored.


The Russell 2000 also closed with a doji, although it hasn't yet pegged channel resistance.


Markets remain in profit take zone, but healthy enough to suggest there is likely more upside to follow. Breadth indicators haven't reached the extremes of July, which is good news for bulls looking for more.

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