Daily Market Commentary: Quiet Day

In an extension of yesterday, markets saw small losses (or gains) on light volume. The overall picture remained unchanged.

The Russell 2000 didn't pull away from resistance and remains positioned to regain its early week breakout.

The Nasdaq is hogging former channel support turned resistance, but was able to tick higher.  Volume climbed a little on yesterday's selling.

The semiconductor index, like the Russell 2000, is finely poised.  Technicals favor an upside breakout.

And strength in the Nasdaq and Nasdaq 100 may filter down to the semiconductors rather than the more normal reciprocal relationship.  Tight trading action supports swing trade opportunities; trade the high/low break with a stop on the flip-side.  Will Thursday offer more substantial movement in the market? Perhaps continue the work bulls started on Monday.


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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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