Daily Market Commentary: Powerful Rally
Positive economic data helped fuel a powerful rally, led by a breakout in the Russell 2000. The Russell 2000 continued to outperform the Nasdaq and S&P as Small Caps cleared resistance defined by April, June and August swing highs. This break sets the groundwork for advances in other indices.
The Dow rallied off rising support in a typical trendline bounce. It also managed a resistance break on higher volume accumulation.
The Nasdaq 100 went a step further and managed a new all-time high, also on higher volume accumulation. Technicals are in good shape with the MACD trigger 'sell' close to reversing. A pullback to 2,800 could offer opportunity for buyers.
Even the struggling the semiconductor index was able to regain the 20-day MA. Watch too for a new MACD trigger 'buy'.
Looks like the tone has been set after 2 weeks of quiet trading. Bulls take an early start on proceedings.
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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 Dow rallied off rising support in a typical trendline bounce. It also managed a resistance break on higher volume accumulation.
The Nasdaq 100 went a step further and managed a new all-time high, also on higher volume accumulation. Technicals are in good shape with the MACD trigger 'sell' close to reversing. A pullback to 2,800 could offer opportunity for buyers.
Even the struggling the semiconductor index was able to regain the 20-day MA. Watch too for a new MACD trigger 'buy'.
Looks like the tone has been set after 2 weeks of quiet trading. Bulls take an early start on proceedings.
---
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!