Thursday, April 21, 2011

Daily Market Commentary: Small Gains on MACD 'Buy's

Markets held all of yesterday's gains and added a little more. Volume dropped, but for many indices there was a technical improvement with new MACD trigger 'buys' in particular. The S&P was the perfect case in point.



The Nasdaq did likewise. There was even a push into the February breakdown gap which negated what had looked to have been an April bull trap.



The Russell 2000 had a quiet day with little technical change. A challenge on 855 is next and today's modest gain took it a little closer to this goal.



The Dow took itself further away from 12,400 support. It too enjoyed a MACD trigger 'buy'



Only the semiconductor index eased a little lower at 50-day MA resistance, but yesterday's breakout held.

AAAAAAAAG Semiconductor Index - Philadelphia ($SOX)


With the wind on their backs bulls may look to push on Monday. Shorts beware.

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