Wednesday, April 22, 2015

Nasdaq Pushes to New Highs

The Nasdaq and Nasdaq 100 gained ground, the former index is in the process of building a challenge on the 'bull trap' high, although the latter index still has converged resistance to take care of. Nasdaq gains were on lower volume, but technicals remain positive.

The S&P closed strongly, but it didn't get itself out of recent price congestion. The index is 13 points (or a day's gain) from challenging 2,119.

The Russell 2000 managed to rally off channel support, but it hasn't yet challenge the 'bull trap'. Tomorrow would be a good day to try.

Tomorrow is set up for bulls to follow the nascent lead of Tech averages. My tentative short position in the Nasdaq was stopped out, but it's nicely set for the S&P to follow suit.

You've now read my opinion, next read Douglas' and Jani's.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for, and Product Development Manager for I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on