The Nasdaq is knocking on the door of resistance around 4,835 with a MACD trigger 'buy' and an accumulation day. Get past this and 5,000+ opens up.
The Russell 2000 is also on a MACD trigger 'buy', but it will soon find itself up against 20-day MA.
The Semiconductor Index continues its recovery, but is currently at resistance. Technicals have enjoyed a marked improvement with momentum turning bullish on the cross of the mid-line.
Tomorrow will see the resolve of bears tested for Tech indices. Should Tech break higher, then the likelihood for the Dow and S&P to come out of their coils to the upside increases.
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. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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