Daily Market Commentary: Modest Bullish Action
The back-and-forth between bulls and bears continued, this time with bulls controlling the day. Action tightened as the spread between the day's high/low narrowed, although the S&P still managed to experience a relatively wide trade day.
Action in the Nasdaq is narrowing to a coil. It could spring either side: a short break should bring a test of 4,245; an upside break will bring 4,371 into play. Either way, a stop can be placed on a flip-side and play it from there.
The S&P was a little more bullish. It finished with a rejection of the lows and a close near the prior day's high. Volume climbed to register an accumulation day. It's perhaps best set for more upside, with futures suggesting a gap higher on the open.
The Russell 2000 is caught somewhat in the middle: starting in a position comparable to the S&P, but experiencing a day like the Nasdaq. It didn't finish as bullish as the S&P, but did at least hold on to 20-day MA support.
With futures suggesting a bright open for bulls it's possible we will see recent swing highs challenged today. The Nasdaq has the most bullish long term picture, but the S&P might offer the better opportunity for the near term trader.
---
All Contributions Welcome - Thank You!
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!
Action in the Nasdaq is narrowing to a coil. It could spring either side: a short break should bring a test of 4,245; an upside break will bring 4,371 into play. Either way, a stop can be placed on a flip-side and play it from there.
The S&P was a little more bullish. It finished with a rejection of the lows and a close near the prior day's high. Volume climbed to register an accumulation day. It's perhaps best set for more upside, with futures suggesting a gap higher on the open.
The Russell 2000 is caught somewhat in the middle: starting in a position comparable to the S&P, but experiencing a day like the Nasdaq. It didn't finish as bullish as the S&P, but did at least hold on to 20-day MA support.
With futures suggesting a bright open for bulls it's possible we will see recent swing highs challenged today. The Nasdaq has the most bullish long term picture, but the S&P might offer the better opportunity for the near term trader.
---
All Contributions Welcome - Thank You!
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!
