Tuesday, February 24, 2015

Dow and Semiconductor Index Add to Gains

It was another relatively quiet day for the indices, except for two. The Dow pulled away from breakout support, although volume was lighter. Technicals are all net positive.


The other winner was the Semiconductor Index. Today's close finished with a bullish engulfing pattern with good support at 700.


The Nasdaq continued its run to the upper 10%, 200-day MA envelope. Unlike the Dow, trading volume rose to register accumulation. The winning sequence has now climbed to ten consecutive days.


The S&P kept chugging as it added to last week's breakout. Volume climbed to register accumulation.


For tomorrow, keep an eye on today's lows; a loss of these would offer an aggressive short play, with a stop above the high of either today and tomorrow.

You've now read my opinion, next read Douglas' and Jani's.

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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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