Daily Market Commentary: Bullish Accumulation

Bulls do it again with higher volume accumulation follow through.  The S&P finished at a new high as it works its way towards the 10% envelope I define as covered call sell territory.

The Nasdaq followed through on its bull flag breakout, finishing just shy of key swing high resistance from March. Look for a breakout - and final negation of bearish head-and-shoulder pattern - tomorrow.

The Russell 2000 also had a good day as it was able to put some distance on key resistance. Next up are March highs.

Finally, the semiconductor index bucked the day's trend with a small loss.  However, it continues to hold the tight channel advance.

Again, keeping with the World Cup, the update will be brief.  Tomorrow may see some consolidation, preferably in the upper half of today's ranges, but it may come back more than today's gain.

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