Daily Market Commentary: Small Caps Stay Ahead

There wasn't much to today's action. The only real important aspect was the recovery from the morning sell off, but it wasn't enough to translate into any real end-of-day gain.

The S&P was unable to break from its consolidation:

The semiconductor index was able to defend breakout support of 534.5, which had knock on bullish impact on the Nasdaq and Nasdaq 100.

The Russell 2000 maintained its small advantage as it again attempts to make back the ground lost from October through November.

Tomorrow could see more of the same, although bulls have another opportunity to push higher with bears having failed to make any headway today.

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