Stock Market Commentary: Recovers But New Down Channels Intact

Although markets regained much of the ground lost yesterday there wasn't the move to break the newly formed down channels. Buying volume in the Nasdaq was substantially down on yesterday's selling.

But it registered as accumulation for the Nasdaq 100

Small Caps are best positioned to break higher

Channel resistance and the 50-day MA keep the S&P pegged after its almost 1% gain.

So while gains were respectable the down channels drawn yesterday are still in play for key indices.

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