The indices made managed modest gains on the week. The S&P dug in at 1,062 and finished the week up over 2% as stochastics continued their downward descent (of which stochastics are not oversold). Volume has been falling since the peak so it's not great news for this rally continuing beyond a couple of weeks. ($SPX) via StockCharts.com The Nasdaq similarly drifted below the bullish mid-line (50) of stochastics as it looked to garner support. The first fibonacci support level at 2,050 is still some 250 points below; so it is a little early to be calling a bottom. Volume was disappointing. Nasdaq via StockCharts.com The one key aspect working in its favour is the picture perfect support bounce in the Nasdaq Summation Index from the broadening wedge; support working off a reaction bottom of -777 (below my unofficial -600 'buy' trigger line). Additional support found in stochastics - watch for a confirmed 'buy' soon. ($NASI) via StockCharts.com The Perc...

Another good day for bulls; trading which has rebuffed attempts to sell off. For the S&P there was a second day of narrow trading in the upper range of Tuesday's gain. While 1,100 support holds there is reason for optimism. ($SPX) via StockCharts.com The black candlestick for the Nasdaq needs to be watched as a potential top; a gap down tomorrow would be a warning sign for a reaction top in the index. ($COMPQ) via StockCharts.com While the Nasdaq 100 popped over declining resistance with the 50-day MA less than 15 points overhead. On-balance-volume enjoyed a bullish cross of the trigger line in favour of accumulation. ($NDX) via StockCharts.com Bulls keep things ticking over for another day. Odds favour a push higher. Follow Me on Twitter Build a Trading Strategy in Zignals; Read how and earn real money (once out of Beta) in this PDF. Subscribe to one of 58 trading strategies covering US, UK, Canada, Forex, ETFs, Frankfurt, Australia or Irish Markets Dr...

Another good day for bulls as yesterday's gains were held throughout the day. For the S&P the narrow doji was able to hang above the 200-day MA. Low volume kept the hardest of the selling at bay. ($SPX) via StockCharts.com For the Nasdaq there was a bull cross in on-balance-volume; emphasizing a swing towards bullish accumulation. ($COMPQ) via StockCharts.com The Dow was similarly impressive with both a bull cross for on-balance-volume and a doji which held the 200-day MA. ($INDU) via StockCharts.com While the Nasdaq 100 is very close to breaking a second resistance line running very close to its 50-day MA. ($NDX) via StockCharts.com And finally, the semiconductors turned net bullish technically as the 50-day MA held by the close of business. ($SOX) via StockCharts.com All-in-all, a very good day for bulls. A few more days like today with some tight trading will nicely set up a challenge on April highs. A worst case scenario would be a series of down days wi...

The only disappointment with today was the general lack of volume but it was key day for bulls. For the S&P there was a comprehensive break of declining resistance from April plus a push above the 200-day MA. ($SPX) via StockCharts.com The Nasdaq had already broken declining resistance two days prior and is currently working its way towards the 50-day MA. ($COMPQ) via StockCharts.com Small Caps also pushed a channel breakout and is likely to be the first to test its 50-day MA. Note supporting technical breakout in CCI AAAAAAAAD Russell 2000 Small Cap Index ($RUT) : " via StockCharts.com But semiconductors were the firm winner on the day; a 5%+ gain on the day pushed it out of its trading range and above its 50-day MA (bullish for the Nasdaq and Nasdaq 100 to do likewise). April highs are next. ($SOX) via StockCharts.com The Percentage of Nasdaq Stocks Above the 50-day MA moved towards a confirmed bull trend - other breadth indicators are likely to follow suit s...

A day too far for bulls after two days of gains (albeit low volume on Friday). The S&P was repelled by the 200-day MA which also took it below declining resistance after an earlier break through. There was a MACD trigger 'buy' which may provide the impetus for bulls to have another crack at resistance. However, volume will need to improve which was light on today's selling but also disappointing during Friday's buying. ($SPX) via StockCharts.com The Nasdaq managed to break and hold declining resistance on Friday (into Monday), also enjoyed a MACD trigger 'buy' and closed Monday above the 200-day MA. Better action from tech stocks. ($COMPQ) via StockCharts.com Small Caps are caught between large and small caps, finishing on channel resistance but is well above its 200-day MA. Relative strength has shifted in favour of small cap leadership (bullish) with a MACD trigger 'buy'. Watch for pending (bullish) breakout for the CCI. ($RUT) via StockC...

While the week is already underway (and resistance breakout) what had the stockcharters to say about last week. Anthony Caldaro of Objectiveelliotwave has a 60 minute chart which shows a key resistance test underway (now!) at 1,105. There is a weekly support line in the MACD which is worth watching Richard Lehman of Trendchannelmagic.com refers to resistance channels which have breached on Monday's open. 6/10 -- Today's relief rally combined with the downward slope of the short term purple channels brings the Dow, S&P and a number of other indexes very close to the upper purple channel lines. That will be a critical meeting as a failure would signal another downleg, while a break upward would take us out of the ugly purple channel that has anchored us down since April 26th. 6/9 -- The steep narrow red minichannels were indeed just part of something larger, and we now see the larger mini thanks to today's reversal. So we are now heading lower in these wid...

Looking to get set up in a new house and this has me 'sticky-tapping' an internet solution together; expect less than usual posting as things get sorted.