Daily Market Commentary: S&P disappoints, but Nasdaq and Russell 2000 play to form.

It wasn't a stellar day, but Tech and Small Caps started to deliver on Friday's promise. The S&P experienced mild losses, keeping itself within the boundaries of its narrow trading range. However, S&P technicals favour bulls.

The Nasdaq hasn't done enough to challenge the 4,610 high, but today's action left some room in the tank for more gains tomorrow.

The Russell 2000 maintained its run along channel support. The 20-day MA can be used to trail a stop.

The semiconductor index popped its head above 651 resistance - although it ended the day with a bearish inverse hammer. Should bearishness expand then it's more likely to be a pullback opportunity than a topping action; at least while its above the 20-day MA.

For tomorrow, the bullish outlook remains favoured, including for the S&P.


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