Daily Market Commentary: Very Quiet

Last week closed with a bit of flurry, particularly for Tech indices.  But today the market traded well within itself.  Volume also dropped significantly. In effect, a day passed, but nothing more need be said.

The Nasdaq had cleared its consolidation on Friday, but has yet to negate the MACD trigger 'sell'.

The Nasdaq 100 also had a strong Friday and a very quiet Monday. Unlike the Nasdaq, the Nasdaq 100 enjoys net bullish technicals.

While the Semiconductor Index is nestled against channel resistance and is offering a 'sell'.

While the Russell 2000 remains the lead index, it's gradually losing ground to the Tech indices. There is a MACD trigger 'sell' in the mix too.

While the broader rally is tiring, there may be a second wind for Tech indices. What the semiconductor index does at channel resistance will give an indication as to what can be expected from Tech indices, and whether an extended leadership phase is possible.


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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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