Daily Market Commentary: Up Down Up Down

Up a bit, down a little, up some more, then down a little again. Volume for the S&P inched up again to side it with distribution but given the small point loss it wasn't a biggy. Technicals remain on the bullish side.


via StockCharts.com

The Nasdaq was able to close higher (so the higher volume registers as accumulation), but like losses in the S&P the gain was slight.


via StockCharts.com

The gain in the Nasdaq (and Nasdaq 100) was helped by the solid drive in the semiconductor index. There is a pending 'buy' signal in the MACD trigger line as it closed at a new high.


via StockCharts.com

Given the push higher in the semiconductors the probability for further gains over the coming days remains high. Market Breadth continues to diverge (bearishly) to parent indices, but this state can remain in play for a number of months before markets catch up. Bulls maintain control.

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