Sunday, August 31, 2014

Daily Market Commentary: Semiconductors Gain

Markets finished Friday on a flourish with a close at, or near new highs. Volume climbed to register an accumulation day, which keeps thing ticking over in favor of bulls over the long weekend.  The Semiconductors had the best of it, although these gains were posted at the open.


Gains in the semiconductor index helped the Nasdaq close at a new high.  Technicals remain strong too.


The Russell 2000 remains inside the rising channel. The push from Thursday's tight action has swung in favor of bulls. - further gains remain favored.


The S&P is similarly in a good position, although Friday's gain wasn't as good as the Russell 2000.


Tuesday is set up for upside follow through following Friday's bullish reaction to Thursday's tight intraday action.

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