Thursday, June 04, 2009

Stock Market Commentary: New Closing Highs

Solid bullish action with new closing highs on strong volume for the Nasdaq, Nasdaq 100 and Russell 2000. Long term bullish confirmation will come with "Golden Crosses" between 200-day and 50-day MAs of the respective averages.

Large caps continue to lag but at least the S&P is only just shy of a new high even if the volume was not as impressive.

Semiconductors have a bull trap to reverse but markets look ready for some follow through on Monday's breakout.

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.