Stock Market Commentary: Cheeky But Not Excessive

Modest distribution but volume was not particularly high, simply higher than yesterday. While the semiconductor index had already lost 20-day MA support, the Nasdaq and Nasdaq 100 held firm. So the only thing today's action really confirmed were the respective rising channels, giving context to the larger picture at play for these tech indices.

Small caps are underperforming within their channel but the angle of ascent is sharper given it's anchored by the March low. Watch for upcoming MACD trigger 'sell' signal

Breadth was muted; overbought but no technical technical change (i.e. net long)

Bears are unlikely to push their luck until seasonally weak September comes round.

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.

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