Monday, September 27, 2010

Daily Market Commentary: Minor Losses

Not exactly the doom and gloom it might have been, but it will still register as a down day for the markets. However, markets still have room to run to resistance and recent volume trends have favored buyers - even if overall volume has been very light. The Dow has channel resistance in its sights.



While the S&P maintains its breakout while been some distance from next resistance.



The Russell 2000 looks poised to break 672 resistance



One index which has traded good volume and enjoyed golden crosses between 20-day x 50-day and 50-day and 200-day MAs is the Nasdaq 100. It also has plenty of room to support.



While the semiconductor index has put the threatened bull trap to rest. There should be enough to make it back to 377, but the 200-day MA is first up as a challenge.



The August rally is looking rich, especially for indices like the Nasdaq 100, but there is no immediate concern for a price collapse and it's going to take more than one bad day to put this rally to rest.

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