Wednesday, August 27, 2014

Daily Market Commentary: Little Change

Whereas yesterday offered a spark of life from the Russell 2000, today offered little. The Russell 2000 gave back a little of the ground it made yesterday, but not enough to negate the gain.


The S&P finished with a narrow doji - again, a chance to trade the break of today's highs/lows with a stop on the flip side.


It was same for the Nasdaq,with the same trade prospects.


The semiconductor index has so far resisted follow through on the bearish engulfing pattern.  There is a potential bullish set up, and tomorrow could be the day the rally resumes.  Technicals are in good shape, and not yet overbought.


For tomorrow, bulls can look to the semiconductor index, with swing trade/option spread opportunities in the Nasdaq and S&P.

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