Daily Market Commentary: Bears Caught Short

The strength of Thursday's buying may in part have to do with what looked to have been a perfect bear set up from Wednesday. Once yesterday's highs were taken out it was going to be hard for sellers to regain control and this was evident with markets closing near the day's highs.

The S&P finished at its 200-day MA which may offer bears an opportunity but it is looking like dips will be viewed as buying opportunities


via StockCharts.com

The Nasdaq made it back above its 200-day MA; declining resistance next to negotiate.


via StockCharts.com

The Russell 2000 offered 200-day MA buyers a hefty return with an over 4% gain.


via StockCharts.com

With the semiconductor index nestled against declining resistance from April highs. Friday will offer a big test but odds favor an eventual break higher


via StockCharts.com

So with substantial gains it would be hard to see an immediate follow through with 20-day MA resistance overhead.

But bulls have found their voice.

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