Daily Market Commentary: Bulls Pull Back Early Losses

Monday's nascent gain was challenged by early morning losses. However, bulls were able to regain the majority of such losses by the close of trade.

The Nasdaq and Nasdaq 100 had the best of the day's action, going as far to post a modest gain. The Nasdaq 100 has a relative lead over the Russell 2000, and is attempting to regain relative strength against the S&P.  If there is an index to gain tomorrow, one of these is it.

The S&P made another pass at channel resistance turned support. The index is doing a good job at holding this tricky breakout.  A stop can go on a loss of 1,755. 

The Russell 2000 wasn't able to build on Monday's gain, but it's still holding the 20-day MA. Technicals are suffering bearish creep, which is not the most attractive situation for those looking at going long, but may offer enough for those already long to hold a little longer.

Buyers should stick to the Nasdaq and Nasdaq 100, others can take profits or sit-and-wait. 


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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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