Daily Market Commentary: Techs Lead Recovery
It was another turgid day until Ben opened his mouth. Then the expected became the unexpected as buyers put the foot down and bought what they could, left, right and center. With the level of volatility in play it's very difficult to offer firm projections, with wide swings in both directions possible in a single day. So this post will be brief.
Leading the recovery were tech stocks. The Nasdaq and Nasdaq 100 managed to make it back to yesterday's highs, although buying volume was below yesterday's selling. With the easy work done, now comes the hard part...
($COMPQ)
via StockCharts.com
The Nasdaq 100 is the index most likely to test resistance and it could do so before the week is out.
($NDX)
via StockCharts.com
Small Caps were next on the recovery list, gaining a respectable 7%, although it wasn't enough to reverse yesterday's 9% loss. Bulls will find further gains tougher to achieve.
($RUT)
via StockCharts.com
The S&P was the 'laggard', falling short on the retracement, but still managing a respectable 4.7% gain.
($SPX)
via StockCharts.com
With the loss & recovery complete, the volatility of the past couple of days will probably start to work against traders. A walk down to today's lows over the course of 2-3 weeks is one possibility. The alternative is a continuation of the rally to the June swing low before shorts become active. The first index likely to test the June swing low is the Nasdaq 100. Look for leads in this index.
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!
Leading the recovery were tech stocks. The Nasdaq and Nasdaq 100 managed to make it back to yesterday's highs, although buying volume was below yesterday's selling. With the easy work done, now comes the hard part...
($COMPQ)
via StockCharts.com
The Nasdaq 100 is the index most likely to test resistance and it could do so before the week is out.
($NDX)
via StockCharts.com
Small Caps were next on the recovery list, gaining a respectable 7%, although it wasn't enough to reverse yesterday's 9% loss. Bulls will find further gains tougher to achieve.
($RUT)
via StockCharts.com
The S&P was the 'laggard', falling short on the retracement, but still managing a respectable 4.7% gain.
($SPX)
via StockCharts.com
With the loss & recovery complete, the volatility of the past couple of days will probably start to work against traders. A walk down to today's lows over the course of 2-3 weeks is one possibility. The alternative is a continuation of the rally to the June swing low before shorts become active. The first index likely to test the June swing low is the Nasdaq 100. Look for leads in this index.
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!
