Thursday, October 24, 2013

Daily Market Commentary: Gains Tick Over

It was a good day for speculative Small Caps and Technology Indices.  The gains were modest, but the advances came on higher volume accumulation. Having said that, the semiconductor index didn't do enough to challenge the 'bull trap'.


The Russell 2000 is mounting a challenge on the doji high. Bulls hold all the aces with resistance still a few days gains away.


The Nasdaq hasn't overhead channel resistance to deal with, but it will need the semiconductor index to negate the 'bull trap' to help support the rally.


The S&P is back trading on channel resistance. The nascent 'breakout' is under threat and shorts will likely start sniffing again. The swing high at 1,759 is a place for stops.


Again, it's hard to be a short - or even a 'sell'.  The S&P is the index positioned for weakness, but any weakness will likely not last long.

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