Daily Market Commentary: Breakout Holding

A modest day for the indices was best represented by the maintenance of the various breakouts. The S&P didn't add much to yesterday's finish, but it held above key breakout support.

The Dow did likewise and managed to do so on higher volume accumulation.

The Nasdaq finished with a rebuff off resistance, holding to the coiling trading range. The trading range will resolve itself soon, and the semiconductor index may be the one to guide as to which side it will break.

The semiconductor index is holding its breakout despite losses, but this is offering bulls an opportunity to prepare for possible follow through breakouts in the Nasdaq and Nasdaq 100.

For tomorrow, look for breakouts in Large Caps and Semiconductor Index to hold, and if they do, prepare for additional range breakouts in the Nasdaq and Nasdaq 100.


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