Daily Market Commentary: Temporary Defense By Bulls
For the S&P look to the 20-day MA to play as resistance as the bounce matures.
($SPX)
via StockCharts.com
But small caps were able to hold trend support
($RUT)
via StockCharts.com
And the Nasdaq 100 also defended channel support with a hammer (but given stochastics are not oversold its significance is reduced)
($NDX)
via StockCharts.com
So while support is available to hold, don't expect bulls to capitulate as easy as it had looked the past couple of days. However, a larger pullback is required if the rally is to continue in the long term.
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