Breakouts for S&P and Semiconductor Index
It took a couple of days, but the S&P finally edged above the consolidation in place since the start of 2015. The challenge of the 2,093 high might not be so difficult to break. Volume climbed to register accumulation, although overall buying volume was not particularly high. Technicals are (slightly) bullish.
The other index to do we was the Semiconductor Index. It cleared the consolidation triangle after a successful test of 659 support. Bulls looking at the long term will probably do well to keep track of this index; it's the one making the moves after a decade of underperformance.
What's good for the Semiconductor Index is also good for the Nasdaq. Technicals showed some improvement with a 'buy' trigger in On-Balance-Volume and an accumulation day just shy of a break of 4810.
Finally, the Russell 2000 kept its nose above 1,200. It hasn't yet negated the 'bull trap' (a move above 1,214 is required for that), but today's doji is a reminder of bullish demand, and a sign that bears are unlikely to succeed.
Tomorrow is a chance for bulls to turn the screw. So far, today's action places the majority of buyers from the start of the year in the green. It would be hard to be a short here, which leaves just reluctant buyers to join the party.
You've now read my opinion, next read Douglas' and Jani's.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
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.
JOIN ZIGNALS TODAY - IT'S FREE!
The other index to do we was the Semiconductor Index. It cleared the consolidation triangle after a successful test of 659 support. Bulls looking at the long term will probably do well to keep track of this index; it's the one making the moves after a decade of underperformance.
What's good for the Semiconductor Index is also good for the Nasdaq. Technicals showed some improvement with a 'buy' trigger in On-Balance-Volume and an accumulation day just shy of a break of 4810.
Finally, the Russell 2000 kept its nose above 1,200. It hasn't yet negated the 'bull trap' (a move above 1,214 is required for that), but today's doji is a reminder of bullish demand, and a sign that bears are unlikely to succeed.
Tomorrow is a chance for bulls to turn the screw. So far, today's action places the majority of buyers from the start of the year in the green. It would be hard to be a short here, which leaves just reluctant buyers to join the party.
You've now read my opinion, next read Douglas' and Jani's.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
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.
JOIN ZIGNALS TODAY - IT'S FREE!
