Daily Market Commentary: Fourth Day of Rest

For today, see yesterday (and for yesterday, see the day before!). Tight trading ruled the day, although there were some movers and shakers.

The S&P marked a second high trading volume day in a row, but it would be hard to attribute the small gain to accumulation.

($SPX)

via StockCharts.com

The Nasdaq punched into the breakdown gap, but the small black candlestick is more bearish than bullish. But on a positive note, since the bear trap in early March any heavy volume day has swung in favour of buyers.

($COMPQ)

via StockCharts.com

The semiconductor index also broke past declining resistance. Only to finish nestled below its 50-day MA; a battle was won, but not the war.

($SOX)

via StockCharts.com

The Russell 2000 posted another black candlestick, but not a clear cut 'shooting star'. A test of 836 remains a favored short term challenge.

($RUT)

via StockCharts.com

So while Large and Small Caps dithered, there was an attempted push higher from semiconductors and the Nasdaq (but not the Nasdaq 100). Can Tech gains support the earlier breakout in the Russell 2000?

Follow Me on Twitter

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.

Zignals offers a full suite of FREE financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own trading system and sell your trading strategy in our MarketPlace to earn real cash.

You can read what others are saying about Zignals on Investimonials.com.

JOIN US TODAY - IT'S FREE!

Popular posts from this blog

Round 2 for the bearish "black" candlestick in S&P and Nasdaq

Being "Right" but still losing...

Big bearish engulfing patterns as positive start negated

Archive

Show more