Respectable gains on good volume
The concerns of overhead resistance discussed yesterday appear to be no more as the Dow and Nasdaq both pushed past May-July resistance. This raises the issue of overhead 50-day MAs as upside targets. The Russell 2000 has challenged (and broke) its 50-day MA.

The Nasdaq has some 100 points left to run before it encounters its 50-day MA:

The S&P did well to break through what is a heavy supply area. The fact is not overbought suggests it has a good chance of going even higher. Again, 50-day MA looks a good target to aim for:

Transports are nicely positioned following a confirmed double bottom. Managed an ideal test of Fibonacci support on the decline from its highs. Overbought stochastics suggests some meandering around its 50-day MA:

Whatever about the short term potential in this market, the longer term bottom is shaping up very nicely. Again, January lows were an important marker for a bottom with supporting action in the March and now July retracements. Markets are in a long term accumulation phase. Buy with a multi-year outlook (aka ROTH/IRA buy time).
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
The Nasdaq has some 100 points left to run before it encounters its 50-day MA:
The S&P did well to break through what is a heavy supply area. The fact is not overbought suggests it has a good chance of going even higher. Again, 50-day MA looks a good target to aim for:
Transports are nicely positioned following a confirmed double bottom. Managed an ideal test of Fibonacci support on the decline from its highs. Overbought stochastics suggests some meandering around its 50-day MA:
Whatever about the short term potential in this market, the longer term bottom is shaping up very nicely. Again, January lows were an important marker for a bottom with supporting action in the March and now July retracements. Markets are in a long term accumulation phase. Buy with a multi-year outlook (aka ROTH/IRA buy time).
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website