Daily Market Commentary: Quietly Bullish

There wasn't a whole lot of movement in the market, but what movement there was - was higher.  Volume also came in lighter. Markets are still nicely poised for another leg higher, and the tight action of recent days allow for a reasonably tight stop.

The Russell 2000 is still the best positioned index to gain.  It remains tied to its 50-day MA, with a very tight bullish flag.  Technicals all bullish.

The Nasdaq staged a recovery to its 200-day MA.  The falling 50-day MA is nearby to add selling pressure, and the dreaded "Death Cross" looms on the horizon.

The S&P is about to test the strength of supply at its 50-day MA.  Given the action in the Russell 2000, there is a good chance the S&P will be able to push through.

Tomorrow should see bulls continue their run of form.  The Russell 2000 remains the index of choice for buyers as it leads relatively.


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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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