Daily Market Commentary: Brief Respite

The market sided with neither bulls nor bears. The bullish play for the Nasdaq and Nasdaq 100 still holds, with today's small gain enough to keep the trade live.

Despite the lack of nearby support for the semiconductor index, it is enjoying a relative strength shift in its favor against the Nasdaq 100.

The Russell 2000 finished with another doji.  It had looked liked it was going to make another pass at its 200-day MA, but bulls were resilient enough to prevent this from happening.

The S&P was relatively non-eventful. Play for a move down to its 200-day MA.

Otherwise, what was said yesterday, still holds today.  Buy the Nasdaq and Nasdaq 100 / Sell the S&P.


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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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