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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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.
----
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 Trading Strategy Marketplace 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 strategy and sell it in the MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
