Thursday, July 08, 2010

Daily Market Commentary: Bulls Hold On

The 20-day MAs have came into play for the semiconductor index and large cap indices. Volume was mixed and some indices performed better than others.

One of the better one was the S&P. The index closed near the day's high on higher volume accumulation. The challenge for bulls is getting past the 20-day MA.



It was the same story for the Dow, except it closed on its 20-day MA. If it was to break through it will run into resistance of the new 'Death Cross' between 50-day and 200-day MAs.



The semiconductor index was mixed; it held 200-day MA support but couldn't break resistance of its 20-day MA.



While the Russell 2000 finished just on resistance and remains in the same trouble as before.



The feel good feeling from yesterday has worn of a little. Now it's important for June/July lows to hold as support when the inevitable period of weakness arrives.

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