Daily Market Commentary: Holds Yesterday's Highs

After yesterday's strong performance it was good to see the Nasdaq and S&P close near the highs of the previous day, although the Russell 2000 gave back a sizable chunk of its gain.

The S&P saw a MACD trigger 'buy' with resistance still in play; another swing play opportunity?

The Nasdaq is in a similar position to the S&P and not surprisingly, experienced a day very similar to its Large Caps neighbor - right down to its MACD trigger 'buy'.

Unfortunately, the Russell 2000 gave back most of Tuesday's gain. If there is going to be any follow through lower it's going to be from this index. Bulls will look to the pending MACD trigger 'buy' which will help on its next pass of its 20-day MA.

But the Nasdaq 100 is best placed for bulls. It was able to add to yesterday's gain plus it enjoyed a MACD trigger 'buy'.

So, take your pick for Thursday; Russell 2000 for bears and Nasdaq 100 for bulls.


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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 Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements.

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