The S&P started well, but it drifted back inside its range. However, there is still a gap breakout to defend.
It was a similar story to the Nasdaq where early gains faded through the day. Today's action registered as a neutral 'doji'.
The Semiconductor Index experienced similar action as for the S&P and Nasdaq, but it managed to close the day with a MACD trigger 'buy' on new highs.
Tomorrow will be about Small Caps continuing the gains kicked off today. If these can be maintained in morning trading it will help bring the S&P and Nasdaq with them. Any shorts will be feeling the squeeze which will only add to buying pressure. With holiday trading still very much in play it's hard to see sellers making much of a mark.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.