Daily Market Commentary: Sliver of Gain

Again, there wasn't much on show, but what little there was ended up with small gains. The market has maintained an overbought state since the start of the year, and other than a brief attempt at a test of 20-day MAs, it has did little else but climb.

The S&P added a couple of points, with the MACD flatlining, but doing so well above the bullish zero line.

The Nasdaq lost a little ground, but not enough to suggest anything. The tight action of the past couple of days could suggest a swing trade opportunity on break of high/lows, but these type of days have been very common since the start of the year and haven't resulted in strong reaction moves.

The Russell 2000 edged almost 0.5% in a wispy rally. The index almost confirmed a relative strength shift towards Tech stocks, but today's gain negated that.

The semiconductor index has been knocking against channel resistance and is in 'profit taking' territory.

Will tomorrow change things?


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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com. You can read what others are saying about Zignals on Investimonials.com.


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