Daily Market Commentary: Small Gains but Semiconductors Quiet

Bulls will be pleased with the day's gains but the semiconductor index was sadly lackluster. The semiconductor index needs to crack the weak rebound high from early August for it to build some momentum.


via StockCharts.com

Such a move would set the cat amongst the pigeons for the Nasdaq 100 which nestled itself against resistance.


via StockCharts.com

And add further air to the Nasdaq breakout


via StockCharts.com

Small Caps also have a breakout to work with and is hanging tough at the 200-day MA


via StockCharts.com

But not much to add for the S&P, other than holding above the 200-day MA.


via StockCharts.com

While the market is extended in the short term I wouldn't be surprised if the semiconductor added over 1% as part of a mini-base breakout which will help take the Nasdaq and Nasdaq 100 higher.

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