Daily Market Commentary: Buyers Turn Up Late
For the Russell 2000 this offers a second bite of the cherry with a stop at 611. Tellingly, bulls were able to hold the 200-day MA for a third day in a row. Note the bullish divergence in the CCI too.
($RUT)
via StockCharts.com
While the semiconductor index was able to defend rising support of February-May lows even though it opened the day below the line.
($SOX)
via StockCharts.com
There was a more traditional spike low for the S&P with an increase in volume
($SPX)
via StockCharts.com
The Nasdaq 100 edges the weaker Nasdaq as a long side play. Unlike the Nasdaq, the Nasdaq 100 was able to finish above the 200-day MA with two strong accumulation days over the past 3 days. If there is a catch it's stochastics are not truely oversold.
($NDX)
via StockCharts.com
Tomorrow should see bulls gain some confidence, but whether it can lost longer than a couple of days is the big question.
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