Wednesday, November 19, 2014

Early Losses Couldn't Kill Yesterday's Gains

It was a decent, yet unspectacular day for the indices. Early losses were clawed back by the close, but there was no push higher.

The S&P is nicely positioned to gain.  The inside day at oversold conditions is typically bearish, but I'm not sure today was.


The Nasdaq may be shaping a new handle, of which today fits inside the range.


The Russell 2000 was more outwardly bearish and closed today's gap. It managed to return to its 20-day MA, although it did register as a breakdown of the handle, and a continuation of the 'bull trap' reversal.


The Semiconductor Index held the breakout, holding the upper resistance turned support.


Today is no different to yesterday; shorts stick with the Russell 2000, longs with the Semiconductor Index.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. You can read what others are saying about Zignals on Investimonials.com.

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