Stock Market Commentary: Minor Gains
It was a day for the semiconductors with the SOX enjoying a MACD trigger 'buy' and negation of the bearish divergence in its CCI; long term stochastics [39,1] are just shy of crossing the bullish mid-line which would be enough to turn all technicals net bullish. Resistance of 272 (the June reaction high) is next on the list of challenges
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With semiconductors ticking over nicely there was enough groundwork done to see new reaction highs for on-balance-volume and breaks of the 20-day MAs in the Nasdaq and Nasdaq 100
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Large and Small Caps were relatively uneventful with overhead MA resistance still a concern.
Maybe there is room for further gains tomorrow? Look to the semiconductors for leads...
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.
With semiconductors ticking over nicely there was enough groundwork done to see new reaction highs for on-balance-volume and breaks of the 20-day MAs in the Nasdaq and Nasdaq 100
Large and Small Caps were relatively uneventful with overhead MA resistance still a concern.
Maybe there is room for further gains tomorrow? Look to the semiconductors for leads...
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.