Thursday, September 01, 2016

Second Day of Recovery Buying

While there was little net change, intraday action is setting up nicely for bulls. Tomorrow's jobs data may be the catalyst to break markets from tight action and push to new highs.

Today's spike low in the Dow found support at its 50-day MA.


The Semiconductor Index did manage to post a gain as it traded along a tight trendline. While it's looking vulnerable to profit taking it hasn't given an inclination of doing so.


The Nasdaq should benefit from continued Semiconductor strength.


While the Russell 2000 finds support at its 20-day MA much like the Dow did at its 50-day MA


With weeks of nondescript action following Brexit volatility markets are ready for their move, but will tomorrow deliver the bullish reaction markets appear to be leaning towards?

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.
 
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