Daily Market Commentary: Markets Hold Gains as Semiconductors Break
The real winner on the day was the semiconductor index. Unlike the Nasdaq and Nasdaq 100 it was able to post a gain. A gain which pushed the index to a new closing high. This may help the Nasdaq and Nasdaq 100 tomorrow.
The only other point of note was the uptick in Nasdaq breadth. Chiefly the CCI 'buy' in the Nasdaq Bullish Percents.
And Percentage of Nasdaq Stocks above the 50-day MA
So keep an eye on the semiconductors and watch for matching breakouts in the Nasdaq and Nasdaq 100. The latter has the added benefit of yesterday's bear trap to help buyers. Longs favoured in general.
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Zignals Trading Strategy Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.
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