Daily Market Commentary: Accumulation

Bulls had another good day; a third good day in a row.  The Dow capped the day with a breakout into what could turn a larger measured move higher. Volume rose in accumulation, and residual bearish technicals were negated on the move higher.

Also working in bulls favour was the breakout in the Semiconductor Index. It too negated the bearish development in supporting technicals.

The S&P had a relatively low key day. The S&P gained on higher volume, just edging yesterday's high. It's playing for a measured move higher like the Dow.

While there was little to comment on the Russell 2000.

With the die cast in favour of bulls for S&P, Dow and Semiconductor index, it's now a question of maintaining these breakouts and watching for 'bull traps'.


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