Daily Market Commentary: Better Stuff From Bulls

Where yesterday was a little mixed with indecision, today bulls took the opportunity to stamp their authority.

The S&P enjoyed a higher volume accumulation day but remains range bound by my newly defined down channel


via StockCharts.com

Similar story for the Nasdaq with support at 2,152 holding.


via StockCharts.com

Small Caps enjoyed a bullish engulfing pattern to yesterday's doji


via StockCharts.com

While the SOX dug in at the 200-day MA with a doji


via StockCharts.com

With resistance overhead it's likely to be a relatively quiet day but should bulls clear newly defined down channels it could be another day for closing at the day's highs. Breadth indicators still edge in favour of a bottom.

Follow Me on Twitter

Build a Trading Strategy Business in Zignals

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 quote 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.

Popular posts from this blog

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Big bearish engulfing patterns as positive start negated

Being "Right" but still losing...


Show more