Tuesday, June 08, 2010

Daily Market Commentary: Bulls Make a Comeback

While market's MACDs remained on a 'sell' it was a better day for bulls. There was higher volume all around which for large caps (S&P and Dow) expressed itself as buying; February & Flash-crash lows remain an area to defend.


via StockCharts.com

For the Nasdaq the buying was not as strong but the afternoon bullish reversal was evident.


via StockCharts.com

Even returns for Small Caps suggest the 200-day MA could be regained tomorrow


via StockCharts.com

The recovery in the semiconductors wasn't enough to prevent a MACD trigger 'sell' but tomorrow is a big day with the recent loss of support to battle.


via StockCharts.com

Tuesday's doji should see some upside follow through for markets but what happens when they get to 200-day MAs will be key. Until then, trading range behavior dominates - bound by Flash-crash lows and 200-day MAs.

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