Daily Market Commentary: Tech Raises Questions
($SPX)
via StockCharts.com
On the more mixed side were the Nasdaq and Nasdaq 100, in each case there is indecision at converged 50-day and 200-day MAs but the Nasdaq is also up against declining channel resistance. Technicals of each have turned net bullish so there is momentum to drive a break.
($COMPQ)
via StockCharts.com
The hardest hit was the semiconductor index. After a strong day yesterday, today it finished with bearish cloud cover. Not the ideal scenario to help drive Tech averages higher.
($SOX)
via StockCharts.com
For Wednesday keep an eye on the Nasdaq and watch for upside follow through in the S&P and Dow. Technicals suggest there is more upside in the tank but markets remain vulnerable with the sequence of lower highs and lower lows intact.
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