Daily Market Commentary: Bull Comeback
Well, that selling didn't last long. Buyers didn't even wait for tests of nearby moving averages before buying - they just jumped in from the open and didn't look back. The Nasdaq may have done enough to trigger a breakout, although the spike high at 4,399 has the potential to play as resistance. Given the way the MACD is going, I suspect we are going to get a 'sell' trigger here. This is not to day bulls can't keep this going, but I think there needs to be a greater shake of weak hands from their positions to get a break of 4,400 to hold.