Tuesday, November 07, 2017

Semiconductor Index: Shooting Star? Russell 2000 to Breakout

More gains for the market kept the rally intact which leaves little to add today. The only potential cloud on the horizon is the Semiconductor Index. Today finished with a gap higher with a bearish hammer which may become a bearish shooting star if there is a gap down and further losses by the close tomorrow. The rally from September lacks a pullback so some form of sell off is anticipated


The S&P edged a small gain but not quite a MACD trigger 'buy'


The Nasdaq made it closer to channel resistance and remains the upside target.


The Russell 2000 looks ready to break out of its 'bull' flag. Today left the index at channel resistance; tomorrow could deliver a breakout. Watch this closely.


Keep an eye on pre-market trading; weakness in lead indices has the potential to set up a bearish 'shooting star' in the Semiconductor Index. In a bullish pre-market, look for the breakout in the 'bull' flag from the Russell 2000..

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.


Share on StockTwits

---
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.
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c