Thursday, June 17, 2010

Daily Market Commentary: Second Day of Status

Another good day for bulls; trading which has rebuffed attempts to sell off. For the S&P there was a second day of narrow trading in the upper range of Tuesday's gain. While 1,100 support holds there is reason for optimism.



The black candlestick for the Nasdaq needs to be watched as a potential top; a gap down tomorrow would be a warning sign for a reaction top in the index.



While the Nasdaq 100 popped over declining resistance with the 50-day MA less than 15 points overhead. On-balance-volume enjoyed a bullish cross of the trigger line in favour of accumulation.



Bulls keep things ticking over for another day. Odds favour a push higher.

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