Weekend Commentary
Large caps [Dow, and S&P] kept their rallies intact, but these indices can't be expected to keep the overall market bubbling along at a solid rate.
The semiconductor index managed a close above its 200-day MA, placing it well inside its prior bull channel after an earlier break of support. The Russell 2000 closed on a bullish piercing pattern - but the pattern is weak given it occurred when intermediate term [39,1] and short term [14,3] stochastics are in neutral territory.
Tech market internals [$NASI, $NAA50 and $BPCOMPQ] also changed little on the week, although there is a pending 'buy' signal in the MACD of the $BPCOMPQ as it parent indicator whipsaws around its 5-day MA - directionless. The $NAA50 remained contained inside its consolidation, but lies closer to support than resistance.
Lots of hullaballoo for the week, but the sideways patterns in play for the markets continues. I am still favoring a downward break from such patterns and so hold to my bearish outlook for the Ticker Sense Blogger Sentiment Poll.
Fallond