Daily Market Commentary: Bulls Chug Along
The advance in the S&P looks like it has the legs to make it to the upper envelope band, which marks a 10% gain on the 200-day MA, and a good place to sell covered calls. Even if sellers were to make an appearance it would require large chunks of change to disappear in the space of a couple of days to shake what are stubborn shareholders out of their positions.
The Nasdaq also looks like it will reach a point of challenging 'Head' resistance. Solid action with higher volume accumulation.
The Russell 2000 has jumped through a number of resistance levels since rallying off the May swing low. It currently rests against resistance defined by March and April swing highs. It's a possible shorting opportunity with a flighty stop.
The Semiconductor index flashed another doji. Look for a Tri-Star reversal.
Tomorrow may close weaker, but even if bears finally get a turn at the market they are unlikely to shake current holders out of their shares.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
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The Nasdaq also looks like it will reach a point of challenging 'Head' resistance. Solid action with higher volume accumulation.
The Russell 2000 has jumped through a number of resistance levels since rallying off the May swing low. It currently rests against resistance defined by March and April swing highs. It's a possible shorting opportunity with a flighty stop.
The Semiconductor index flashed another doji. Look for a Tri-Star reversal.
Tomorrow may close weaker, but even if bears finally get a turn at the market they are unlikely to shake current holders out of their shares.
---
All Contributions Welcome - Thank You!
Follow Me on Twitter
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.
JOIN ZIGNALS TODAY - IT'S FREE!