Thursday, July 01, 2010

Daily Market Commentary: Bulls Have and Angle

It had to happen at some point that after a sharp drop bulls would have something to offer. Thursday's close looks like such an opportunity.

Today's bullish hammer in the S&P was accompanied by some higher volume trading which bodes well for Friday.



The Nasdaq finished on trendline support although it was a bumpy ride intraday. Technicals remain weak.

AAAAAAAAC Nasdaq Composite ($COMPQ): "



The Russell 2000 similarly finished with a bullish hammer.

AAAAAAAAD Russell 2000 Small Cap Index ($RUT)


Even the Nasdaq 100 looks tempting



Bulls have a simple task; buy break of today's highs with a stop below lows. Resistance starts at May-June support then 20-day MAs. Long term, the bullish picture continues to deteriorate.

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