Daily Market Commentary: 2,000 post!
The S&P cracked out of its mild rising channel, creating the potential for a new - stronger - bull trend.
($SPX)
via StockCharts.com
The Nasdaq is on course to create an initial 'Golden Cross' between its 50-day and 20-day MAs.
($COMPQ)
via StockCharts.com
Small Caps added nearly 3% but still remain range bound. However, it has pulled away from its 200-day MA.
($RUT)
via StockCharts.com
The Nasdaq 100 is well past its trading range and has a 50 point gap to play with when it comes to back-testing resistance-turned-support of the former range.
($NDX)
via StockCharts.com
The only let down was the narrow range in the semiconductor index. Watch how it reacts around the 50-day MA tomorrow.
($SOX)
via StockCharts.com
Today's gains went against my expectation (and perhaps a few others too) and while the volume wasn't there, neither was the desire to step in front of the train. How long this will last is anyone's guess but killing this rally will take more than a few down days. However, the lack of semiconductor participation is (still) a worry.
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.
JOIN US TODAY - IT'S FREE!