Daily Market Commentary: Narrow Range Day

Low volume and a tight intraday spread didn't change a whole lot. The built-in tension could unwind with a further push higher - particularly for an index like the S&P which is trading in the middle of its channel.

($SPX)

via StockCharts.com

The flatlined MACD reversed its 'sell' trigger and even managed a modest accumulation day. Watch how it behaves on selling given its proximity to channel support.

($COMPQ)

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The Nasdaq 100 finished on former channel support; is this a return to the dominant channel or just a peak in the rally?

($NDX)

via StockCharts.com

Although after a series of strong days the semiconductor index was quiet.

($SOX)

via StockCharts.com

Rally intact - even if a little dull today.

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