Daily Market Commentary: Inches higher

Yesterday's recovery was able to push a little higher and came close to negating Tuesday's bearish candlesticks.

The S&P is a couple of points away from 'Shooting Star' highs.

($SPX)

via StockCharts.com

The Nasdaq is challenging the black candlestick highs (but with a 'Shooting Star' of its own!). Volume climbed to register an accumulation day.

($COMPQ)

via StockCharts.com

While the Russell 2000 posted its third doji in a row; indecision continues.

($RUT)

via StockCharts.com

Any gains tomorrow and Tuesday's bearish candlesticks will be put to bed once and for all. The past week has seen some very narrow trading which builds tension for a subsequent large reaction. If Tuesday's highs break look for a decent upside reaction as shorts are forced to cover. Long stops / shorts will wait for a break of yesterday's lows.

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