Tuesday, May 16, 2017

Semiconductors Keep on Rolling

It was generally a quiet day for the indices but the Semiconductor Index added another 1.5% as money continued to flow into Semiconductors. Today's gain leaves the index up against resistance and ready to breakout.


The Russell 2000 closed near the day's high as it looked to recover from the break of 1,390 support. However, a push above 1,400 would be needed to reverse the 'bear flag'; if this is managed it would effectively confirm a swing low and open up for a move to 1,425.


The Nasdaq enjoyed an accumulation day of its own, although it added only 0.3% as part of yesterday's breakout. Technicals are good and the index is well placed to enjoy further gains.


Just as a mention, the S&P experienced a small loss but not enough to reverse the challenge on last week's breakout.


For tomorrow, look for more of the same.

You've now read my opinion, next read Douglas' blog.

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Dr. Declan Fallon is a blogger who trades for fun on eToro and can be copied for free.
. I invest in my pension fund as a buy-and-hold.
 
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