Tech Indices Get Their Boost
Bulls got their reward with the Nasdaq popping higher following a series of inside days. The coiling action brought about by recent action delivered over a 1% gain. Volume climbed to register an accumulation day. In addition, the post-jobs report breakdown gap was closed, turning the decline into a brief consolidation. A challenge on 5,288 is next.
The S&P also managed a 1% gain, but it hasn't yet undermined the prior decline. Technicals remain net bearish, although the relative performance of the index to its peers ticked higher. Despite strength in the Nasdaq, Large Caps still have their work cut out.
The Russell 2000 experienced a day similar to the S&P, but it doesn't have the relative performance gain experienced by the S&P. Bulls still have a long way to go.
My (frustrating) stopped out Copper trade is reaping the benefit of Semiconductor gains. A big move for the index will continue to fund gains in the Nasdaq and Nasdaq 100. Relative performance has also seen a bullish cross against the Nasdaq 100.
For tomorrow, keep an eye on Tech indices and supporting Copper prices. The Nasdaq and Nasdaq 100 are well positioned for follow through gains. Bears need to continue to pressure Large Caps; watch for some early morning upside as optimism extends.
You've now read my opinion, next read Douglas' and Jani's.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
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Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
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.
The S&P also managed a 1% gain, but it hasn't yet undermined the prior decline. Technicals remain net bearish, although the relative performance of the index to its peers ticked higher. Despite strength in the Nasdaq, Large Caps still have their work cut out.
The Russell 2000 experienced a day similar to the S&P, but it doesn't have the relative performance gain experienced by the S&P. Bulls still have a long way to go.
My (frustrating) stopped out Copper trade is reaping the benefit of Semiconductor gains. A big move for the index will continue to fund gains in the Nasdaq and Nasdaq 100. Relative performance has also seen a bullish cross against the Nasdaq 100.
For tomorrow, keep an eye on Tech indices and supporting Copper prices. The Nasdaq and Nasdaq 100 are well positioned for follow through gains. Bears need to continue to pressure Large Caps; watch for some early morning upside as optimism extends.
You've now read my opinion, next read Douglas' and Jani's.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
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.
