Daily Market Commentary: Markets Drift Out of Rising Channels
($SPX)
via StockCharts.com
The drift was a little more subtle in the Nasdaq. Today's close looks like a bearish 'hanging man' for the rally. A gap down and lower close Friday will confirm.
($COMPQ)
via StockCharts.com
The Russell 2000 was not so subtle in its action, suffering a more traditional down day. There was also a 'sell' trigger in the ADX to add to ones for the CCI and MACD. However, it did defend the 20-day MA for a second day.
($RUT)
via StockCharts.com
However, semiconductors continue to pound the numbers. A big day yesterday glossed over lackluster action in lead markets.
($SOX)
via StockCharts.com
Semiconductors still have room to run to resistance. Bullishness in semiconductors could help the Nasdaq / Nasdaq 100 creep back inside their August-October channels. However, the tide looks to have turned in favour of bears for the S&P and Russell 2000.
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