Wednesday, April 27, 2011

Daily Market Commentary: Another Advance

Decent gains on low volume. The Fed didn't send any shock waves through the market which was enough to keep the optimism flowing.

The S&P tested support of 1,343 intraday and may do so again over the coming days, but it set up the battleground for buyers to fight it out at. Technicals bullish.



It was a similar story for the Nasdaq. Maybe technicals are a little more bullish? Helped by a relative leadership role to the S&P.



Small Caps had their moment in the sun as they closed above 855 resistance, marking a new multi-year high for the index.



The Nasdaq 100 also broke resistance.



All-in-All, another good day for bulls. Bears have nowhere to hide...

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Dr. Declan Fallon is the Senior Market Technician and Community Director for 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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