Daily Market Commentary: Nothing Changes

After Friday's modest push higher, Mondays' gains were barely audible. The S&P closed with a small doji - a possible shooting star - but nothing too convincing.

($SPX)

via StockCharts.com

The Nasdaq closed with a bearish cloud cover on higher volume distribution. Support at 2,579 carries greater weight than today's suggestive bearish turn.

($COMPQ)

via StockCharts.com

The semiconductor index is holding to channel resistance and is looking towards the 20-day MA and/or lower channel support.

($SOX)

via StockCharts.com

As for tomorrow, look for more of the same with bulls keeping control (with the possible exception of the semiconductor index).

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