The Nasdaq registered higher volume accumulation as a brief sojourn below the 20-day MA was reversed. It's nicely set up for a push to new swing highs.
The S&P lost the most ground intraday, but managed to close positive by the close of business. It did clock a relative loss against the Russell 2000. The MACD hasn't yet triggered a 'buy, but is close to doing so.
The Semiconductor Index finished with a bullish engulfing pattern and is continuing to build a solid base. Long term prospects look good, especially as weak copper prices will eventually bring its reward.
For tomorrow, look for bulls to try and make it 3-0.
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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