Some markets finished the week pressed against resistance after a series of strong days, but some markets were able to go one step further. Of the breakers, the Nasdaq cleared its downward channel and in the process is threatening the validity of its bearish head-and-shoulder reversal pattern. There was a higher volume accumulation week and a MACD trigger 'buy'. Nasdaq via StockCharts.com The Nasdaq 100 also plotted a breakout and technically is slightly stronger than the Nasdaq. ($NDX) via StockCharts.com While the S&P is still range bound it was also able to nick a MACD trigger 'buy' on the weekly chart. Also registered was an accumulation day. ($SPX) via StockCharts.com The Russell 2000 is on a borderline breakout. A little disappointing considering the strength in the Nasdaq and Nasdaq 100. ($RUT) via StockCharts.com Of the Breadth indicators the Nasdaq Summation Index is picking up bullish momentum and has plenty of room to run to resistance (a...

The market is poised to push higher, helped by the mini-breakout in the semiconductor index. ($SOX) via StockCharts.com And breakout in the Nasdaq 100. Although with the series of gains posted in this index there is a strong chance of a move back below the 1,939 breakout level - raising the possibility of a bull trap (although the 20-day MA is likely to act as support on a downleg). ($NDX) via StockCharts.com Meanwhile, the S&P did little to attract interest ($SPX) via StockCharts.com For Friday, watch how the breakout in the semiconductor index develops - this is likely to govern how far this rally can go. Follow Me on Twitter Build a Trading Strategy Business in Zignals Subscribe to one of 58 trading strategies covering US, UK, Canada, Forex, ETFs, Frankfurt, Australia or Irish Markets Dr. Declan Fallon, Senior Market Technician for Zignals.com , offers a range of stock trading strategies for global markets, also available through the latest rich internet a...

Bulls will be pleased with the day's gains but the semiconductor index was sadly lackluster. The semiconductor index needs to crack the weak rebound high from early August for it to build some momentum. ($SOX) via StockCharts.com Such a move would set the cat amongst the pigeons for the Nasdaq 100 which nestled itself against resistance. ($NDX) via StockCharts.com And add further air to the Nasdaq breakout ($COMPQ) via StockCharts.com Small Caps also have a breakout to work with and is hanging tough at the 200-day MA ($RUT) via StockCharts.com But not much to add for the S&P, other than holding above the 200-day MA. ($SPX) via StockCharts.com While the market is extended in the short term I wouldn't be surprised if the semiconductor added over 1% as part of a mini-base breakout which will help take the Nasdaq and Nasdaq 100 higher. Follow Me on Twitter Build a Trading Strategy Business in Zignals Subscribe to one of 58 trading strategies coveri...

After a string of gains across lead markets today saw a pause as marked by today's narrow day doji / small white candlesticks. The best of the action came from semiconductors. Here, the makings of a larger bear trap emerged following August/September weakness. The close above 330.90 offers a platform for bulls to work from - The 50-day MA is the next challenge. ($SOX) via StockCharts.com The semiconductor warm glow was seen in the Nasdaq 100; note touch of resistance. ($NDX) via StockCharts.com And the Nasdaq was able to strengthen its consolidation breakout on the back of higher volume accumulation. ($COMPQ) via StockCharts.com While the S&P was relatively unmoved: ($SPX) via StockCharts.com For tomorrow, keep an eye on the semiconductor index and watch performance at its 50-day MA. A break of this offers room for a move to the 200-day MA which will give Tech indices a chance to pull away from their consolidations and strengthen the rally. All to play for. ...

The week started with morning gaps which held and pushed on with a close that marked the day's highs. These gaps in themselves may prove to be measuring gaps, which sets a positive tone for the next couple of weeks ahead. The S&P even managed to break its 200-day MA, leaving August highs as the next target. ($SPX) via StockCharts.com The Nasdaq similarly pushed beyond its 200-day MA and did so on higher volume accumulation. There is a case for a break of the three-and-a-half month consolidation too. ($COMPQ) via StockCharts.com The Russell 2000 also managed to clear resistance with a gap and break of 200-day MA; June-July reaction highs are next. ($RUT) via StockCharts.com The Nasdaq 100 went a step further and closed above the August reaction high (a very positive development) ($NDX) via StockCharts.com Even the semiconductors offered potential by re-engaging the bear trap; a close above 331 (just 4 points away) will confirm. ($SOX) via StockCharts.com So, ...

We start the week off with Anthony Allyn of Elliorwavehound as we search for the elusive wave 2 top. It appears to be part of a broader triangle consolidation on the 60-min timeframe: His Volatility (VIX) chart is another one to watch. Not at support yet which means the rally might have more upside to it. Anthony Caldaro of Objectiveelliotwave points to a more bullish count - with the current rally a wave 3 of what should be a larger move higher (EWT always catches me out, so information is presented as offered). Richard Lehman of the Channelist has illustrated larger down channels from April highs which soon will see a test. 9/12 -- The green channels remain intact, or in some cases may be widening. That means another leg up in the ST channel is likely this week. But long term resistance form the big purples will be felt. Watch the ST green for a break, even if it bounces first. 9/9 -- The morning rally couldn't hold, but almost everything remains in the green S...

Consolidations continue to be the order of the day (week!) for markets. But the picture for some markets is less clear than others. The S&P is shaping a potential triangle which - if it follows the new trend - should break lower; a potential 210 points is on offer as part of a measured move down. On the flip side, bulls will be watching for a push above 1,129 and the 120 points on offer if the triangle plays this way. ($SPX) via StockCharts.com The S&P breadth indicators are out of oversold conditions and rising - suggesting the aforementioned triangle has a chance of beating the trend and breaking higher. The Summation Index has yet to make it to resistance. ($NYSI) via StockCharts.com While the S&P Bullish Percents have a potential double bottom to work with. ($BPSPX) via StockCharts.com The Nasdaq is still offering a (bearish) head-and-shoulder reversal as part of a downward channel - although there has been no confirmed touch of the lower channel. A break...