Daily Market Commentary: Buyers Storm The Gates
Hard hit semiconductors made sharp gains but it was the only index which failed to close at its highs. It also has yet to make an attempt at clambering back inside its former summer trading range. However, it did manage to reinstate its CCI 'buy' trigger.
Tomorrow should see some follow through and offer a golden opportunity for indices to break through both 20-day and 50-day MAs, to then mount a challenge on 200-day MAs. Even with today's gains the semiconductor remains stressed and is by no means out of the woods; late morning weakness gave back some the gain and there was no late flurry into the close to help boost confidence.
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