Daily Market Commentary: Large Cap Breakouts Hold
Key to today's action was for large cap's to hold yesterday's range breakouts and this they did. Bulls can be satisfied with the days work; it will be important there is no significant deterioration from here and key moving averages can hold in support. For the S&P this is the 200-day MA, but even an intraday reversal will look to the 20-day MA for support.
($SPX)
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($SPX)
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The Nasdaq registered slightly higher selling volume (distribution) but the 200-day MA was not violated as support - a typical consolidation day.
($COMPQ)
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But the Russell 2000, with a similar tight range day, kept below resistance.
($RUT)
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And the semicondutors are struggling to hold their 200-day MA.
($SOX)
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So while today sprung no real surprises there are still concerns amongst semiconductors and small caps which could drag the large cap breakouts down.
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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.
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