Wednesday, January 22, 2014

Daily Market Commentary: Semiconductors Charge Again

Since the New Year rolled in it has been semiconductors which have done most of the leg work for this rally: a solid 1% gain following last week's breakout is just the tonic for a technology rally:


The gain in the semiconductor index was supported by technicals. Gains in the semiconductor index helped the Nasdaq 100 finish on a new high.


And the Nasdaq


The Russell 2000 wasn't left out with a decent gain of its own: nothing to spectacular, but enough to keep bulls interested.


Only the S&P was left out in the cold. It managed a small gain, but was unable to break resistance.


Play for a breakout in the S&P on Thursday.  However, the Nasdaq may be set for a flat close as it hangs on to today's gains

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