Stock Market Commentary: Powers Higher
The past few days had the look of a tired rally but Intel and JP Morgan added a bit of pep and buyers returned. This piled on the misery for shorts who again were put on the defensive, but it was the activity of buyers which added to the spice of panic covering. For the S&P it was rising support which bulls were prepared to defend. Supporting technicals continued to improve even though the MACD remains flattish.
($SPX)
The Nasdaq enjoyed the best gains thanks to Intel. There is a breakout gap to be defended with some of the strongest buying volume for the year. There is even room to run to channel resistance.
($COMPQ)
For Bulls there was the added bonus of some of the biggest gains for the lead averages in the Russell 2000
($RUT)
With a sizable breakout gap in the semiconductor index (good for the economy)
($SOX)
There are big gains for bulls to hang on to and at this stage of the rally it will be a tough fight. But this market has survived many a tough fight.
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Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com.
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($SPX)
via StockCharts.com
The Nasdaq enjoyed the best gains thanks to Intel. There is a breakout gap to be defended with some of the strongest buying volume for the year. There is even room to run to channel resistance.
($COMPQ)
via StockCharts.com
For Bulls there was the added bonus of some of the biggest gains for the lead averages in the Russell 2000
($RUT)
via StockCharts.com
With a sizable breakout gap in the semiconductor index (good for the economy)
($SOX)
via StockCharts.com
There are big gains for bulls to hang on to and at this stage of the rally it will be a tough fight. But this market has survived many a tough fight.
Follow Me on Twitter
Build a Trading Strategy in Zignals; Read how and earn real money (once out of Beta) in this PDF.
Dr. Declan Fallon, Senior Market Technician for Zignals.com, offers a range of stock trading strategies for global markets, also available through the latest rich internet application for finance, the Zignals MarketPortal or the Zignals Trading Strategy MarketPlace.
Zignals offers a full suite of financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock list watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash. Read what others are saying about Zignals on Investimonials.com.
JOIN US TODAY - IT'S FREE!
