Semiconductors Make Biggest Gain Off Support
Indices experienced varying degrees of buying Monday, most of it relatively small. Biggest winner was the Semiconductor Index as it rallied from converged channel, 20-day, and 50-day MA support. This was accompanied by bullish upticks for both ADX and Stochastics.
Beneficiaries of this were the Nasdaq and Nasdaq 100. While neither index was able to make a move above 1% they both managed to defend support levels. The Nasdaq 100 held the earlier support channel with just MACD negative but improving.
While the Nasdaq defended 6,350 for an eighth day in a row. There was even a relative gain improvement against Large Cap stocks (i.e. S&P).
The S&P had a low key day: small gains and light volume kept attention away from this index. However, it's nicely primed to make another step higher and Tuesday could be the day it happens.
Finally, Small Caps rallied up to the 50-day MA but no further. Shorts may take a look with a stop above the 50-day MA.
For tomorrow, watch for a breakout in the S&P and further gains in the Nasdaq and Nasdaq 100. Any weakness will likely be felt in the Russell 2000. Watch pre-market for leads.
You've now read my opinion, next read Douglas' blog.
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 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.
Beneficiaries of this were the Nasdaq and Nasdaq 100. While neither index was able to make a move above 1% they both managed to defend support levels. The Nasdaq 100 held the earlier support channel with just MACD negative but improving.
While the Nasdaq defended 6,350 for an eighth day in a row. There was even a relative gain improvement against Large Cap stocks (i.e. S&P).
The S&P had a low key day: small gains and light volume kept attention away from this index. However, it's nicely primed to make another step higher and Tuesday could be the day it happens.
Finally, Small Caps rallied up to the 50-day MA but no further. Shorts may take a look with a stop above the 50-day MA.
For tomorrow, watch for a breakout in the S&P and further gains in the Nasdaq and Nasdaq 100. Any weakness will likely be felt in the Russell 2000. Watch pre-market for leads.
You've now read my opinion, next read Douglas' blog.
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 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.
