Daily Market Commentary: Fourth Day of Rest
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.
($SPX)
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The Nasdaq punched into the breakdown gap, but the small black candlestick is more bearish than bullish. But on a positive note, since the bear trap in early March any heavy volume day has swung in favour of buyers.
($COMPQ)
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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.
($SOX)
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The Russell 2000 posted another black candlestick, but not a clear cut 'shooting star'. A test of 836 remains a favored short term challenge.
($RUT)
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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?
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