Daily Market Commentary: Markets Inch Higher

Markets opened down on yesterday's close, but were able to finish slightly higher.  The best performing index was the Russell 2000 as it pushed over its 20-MA, adding nearly a percent by the close. The Russell 2000 was again outperforming the Tech indices after a brief respite.

The semiconductor index managed to gain from the open, but it wasn't able to finish above its 20-day MA.  It's a little worrying because the moving average is playing as resistance, so bulls haven't yet done enough to suggest a swing low is in place, despite gains the past couple of days.

The Nasdaq is similarly pegged by resistance, with converging 20-day and 50-day MAs providing the supply. Technicals are improving, although the Nasdaq is significantly underperforming relative to the S&P.

FInally, the S&P keeps the flag flying with a decent volume day at major resistance of 1,470.  A break above this zone would offer bulls something to work with over the coming weeks (and perhaps months).


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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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