Daily Market Commentary: Significant Accumulation

Technology spent another day in the headlines.  Yesterday there was a breakout in the Nasdaq, now today there was heavier volume buying to back it up. The semiconductor index is the 'news' index to follow.  It's breakout will largely determine how long the rallies in the Nasdaq and Nasdaq 100. Technicals are net bullish, another tick in the bullish column for these indices. Even the 'Death Cross' might not last too long.

The Nasdaq 100 and Nasdaq pushed away from support, building on its breakout. Technicals are also net bullish across both indices.

However, the S&P and Russell 2000 haven't yet followed the lead of the Tech indices, although the S&P may have hinted at a breakout.

It looks like there is still more to come for this rally. Will the S&P make its break Wednesday?

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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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