Tuesday, December 11, 2012

Daily Market Commentary: Solid Upside Follow Through

The number of blog readers has fallen in recent days as people look towards Christmas, but today gave an indication that not everyone is looking towards the holidays.  Technology enjoyed the best of the action.  The Nasdaq 100 broke above resistance on higher volume accumulation, with technicals shifting net bullish.

The Russell 2000 enjoyed a solid gap higher.  The gaps today, and in November, look like measured move gaps - which reinforces the possibility for a move back to September highs.

The S&P had the best of the relative trading volume, but struggled a little to put some distance to its 50-day MA.

The other good news for bulls, was the continued shift in relative strength to Small Caps and Tech, and away from the safety of Large Cap stocks.

The Santa Rally continues for another day...


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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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