Daily Market Commentary: Bullish Breakouts

Yesterday saw the low key setups, today saw the glory-volume breaks; a good day for the indices.

The S&P followed the Dow by slicing through resistance (1,343) to a new yearly high on improving technical strength. Volume rose to register an accumulation day.


via StockCharts.com

The Dow had the perfect follow through to yesterday's low volume consolidation.


via StockCharts.com

The semiconductor index pushed beyond its 50-day MA.


via StockCharts.com

Which helped the Nasdaq break resistance.


via StockCharts.com

Only the Russell 2000 disappointed, but only in failing to make a new 2011 high; a minor disappointment.


via StockCharts.com

Indices are nicely set to make further advances, even if tomorrow sees another low volume consolidation.

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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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