Daily Market Commentary: First Day of Accumulation In Two Weeks

It has taken a while, but bulls were finally able to turn up the pressure enough to see a higher close, on higher volume accumulation.  The S&P posted a new all-time high in the process.

There was also a confirmed relative swing from Small Caps to Large Cap stocks.


The Nasdaq also edged a new high, but the gain wasn't enough to reverse the MACD trigger 'sell'.  Supporting stochastics are also messy. The Bearish Wedge remains the dominant feature in the chart.


But the Nasdaq can take heart, the semiconductor index is currently challenging its 'bull trap'.  If it can negate the 'bull trap' by breaking above 443, it will spur on the rallies in the Nasdaq and Nasdaq 100.


This time it was the turn of the Russell 2000 to have a quiet day. However, the index looks ready to strike higher.


More of the same from bulls next week? Markets suggest bulls have more in the tank.

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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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