Semiconductors Find Support

Another good day for Semiconductors after the attack on the 'bull trap' found support at breakout support; this will help the Nasdaq and Nasdaq 100. There was a 'sell' trigger in the CCI, but other technicals are bullish and relative performance is very strong. This is also bullish for the economy.

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Markets Poised Heading Into Next Week

While Small Caps stole the show last week it may be the time for Large Caps to step up to the plate. Leading the charge is the S&P. The index is sitting just below resistance after ending the week just shy of a break of 3,025. Technicals are net bullish, which should help. Despite two sequential doji, volume was lower on the down day, which is bullish.

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Russell 2000 Makes Big Gains; Semiconductors Challenge 'Bull Trap'

A big day for bulls as two key economically sensitive indices make strong moves. Best of the action was given over to the Russell 2000; a 3.5% gain keeps things buoyant but it's also smack bang in the middle of the trading range.

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Bulls Recover Intraday Losses

While the indices finished at prices without fanfare, the intraday recovery was very good.  The S&P spiked down to its 20-day and 50-day MA with a bullish hammer. Volume climbed to register as accumulation. Technicals remain net bullish although relative performance eased.

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