Big Gains on Modest Volume
After the sequence of selling, it was no surprise to see Bulls make a comeback. Friday's volume was relatively light compared to the day's gains, but some indices are well positioned for a further advance. Best of which is possibly the Semiconductor Index. The index rallied from converged trendline and breakout support. Buyers can use Friday's low as the risk level for a bounce. There are a few declining trendlines to break, but if these go then a retest of 704 is next; first trendline will see a test on Monday's open.