Small Caps and Semiconductors Add To Gains
It's a slow and steady for indices as gains continued. The Russell 2000 has pushed beyond the April high and will soon be hitting the 5% boundary above its 200-day MA. This market is a long way from January and February lows and there is an opportunity for a measured move higher coming out of this.
The Semiconductor Index made its seventh straight gain in a row. The index is well above 685 support and all technicals are net positive.
The S&P also posted a gain, but it was a relatively low key gain. It hasn't quite negated the head-and-shoulder pattern, but shorts have little room for optimism. On-Balance-Volume returned positive too.
The Nasdaq is also knocking the door of new highs. It may be the last to do so, but technicals do suggest a move higher is favoured.
The short terms are looking better for bulls and the secular bull market from March 2009 may yet have another leg higher to offer. There isn't a whole lot for shorts, other than a speculative play at resistance for S&P and Nasdaq, but supporting technicals do not suggest a path to success.
You've now read my opinion, next read Douglas' and Jani's.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro,
register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
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Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.
The Semiconductor Index made its seventh straight gain in a row. The index is well above 685 support and all technicals are net positive.
The S&P also posted a gain, but it was a relatively low key gain. It hasn't quite negated the head-and-shoulder pattern, but shorts have little room for optimism. On-Balance-Volume returned positive too.
The Nasdaq is also knocking the door of new highs. It may be the last to do so, but technicals do suggest a move higher is favoured.
The short terms are looking better for bulls and the secular bull market from March 2009 may yet have another leg higher to offer. There isn't a whole lot for shorts, other than a speculative play at resistance for S&P and Nasdaq, but supporting technicals do not suggest a path to success.
You've now read my opinion, next read Douglas' and Jani's.
I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro,
register through the banner link and search for "fallond".
If you are new to spread betting, here is a guide on position size based on eToro's system.
---
Accepting KIVA gift certificates to help support the work on this blog. All certificates gifted are converted into loans for those who need the help more.
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.
