Daily Market Commentary: Small Caps Enjoy Some Buying
It was a solid day for Small Caps and Tech Indices, albeit without any great volume to back up the buying. The overall market continues to lull in 'vacation trading' mode and is unlikely to see this reversed until September.
The Russell 2000 is holding above what is increasingly becoming support at 795. There is a band of resistance around 820 which still has to be challenged but it's looking reasonably good on getting there.
The Nasdaq 100 continues to run along upper channel resistance and its 6 day failure to reverse from it suggests it will push through and higher. Technically, it's still resistance and therefore bearish - but bears/shorts should have pushed the market down by now... This consolidation may unwind sharply higher before the extended nature of the July rally takes hold (look to around 2,800 for this to happen).
Large Caps were relatively dull, although like the Nasdaq 100 there is a stronger possibility for a push higher from the recent tight action.
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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 is holding above what is increasingly becoming support at 795. There is a band of resistance around 820 which still has to be challenged but it's looking reasonably good on getting there.
The Nasdaq 100 continues to run along upper channel resistance and its 6 day failure to reverse from it suggests it will push through and higher. Technically, it's still resistance and therefore bearish - but bears/shorts should have pushed the market down by now... This consolidation may unwind sharply higher before the extended nature of the July rally takes hold (look to around 2,800 for this to happen).
Large Caps were relatively dull, although like the Nasdaq 100 there is a stronger possibility for a push higher from the recent tight action.
---
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!
