For a second day markets finished near Tuesday's highs. The S&P sits on the verge a fresh MACD trigger 'buy' and a new all-time high. Volume climbed to register an accumulation day. For bulls there is plenty of scope for the rally to push on towards channel resistance. ($SPX) via StockCharts.com Intraday weakness in the Nasdaq was able to gather support at the 20-day MA. It sits only a few points away from a new closing high, although it remains outside of its former channel. ($COMPQ) via StockCharts.com The semiconductor index was able to hold yesterday's breakout, losing just a quarter of a point. Like the S&P, it too has room to run to channel resistance. ($SOX) via StockCharts.com Given the relative position of indices inside their channels, combined with a finish which held the upper range of Tuesday's close, chances favour a continuation of the rally. Watch for a morning gap as bulls look to follow through on today's buying. Follow Me

It was unlikely markets today were going to see the kind of gains posted on Tuesday. Minor losses posted for Large Caps, Tech and Small Caps were not surprising and mostly positive. The S&P only shed a few points on very light volume. ($SPX) via StockCharts.com The real winner on the day was the semiconductor index. Unlike the Nasdaq and Nasdaq 100 it was able to post a gain. A gain which pushed the index to a new closing high. This may help the Nasdaq and Nasdaq 100 tomorrow. ($SOX) via StockCharts.com The only other point of note was the uptick in Nasdaq breadth. Chiefly the CCI 'buy' in the Nasdaq Bullish Percents. ($BPCOMPQ) via StockCharts.com And Percentage of Nasdaq Stocks above the 50-day MA ($NAA50R) via StockCharts.com So keep an eye on the semiconductors and watch for matching breakouts in the Nasdaq and Nasdaq 100. The latter has the added benefit of yesterday's bear trap to help buyers. Longs favoured in general. Follow Me on Twitter Dr.

While the S&P grabbed the headlines with its new closing high (undoing all the selling of Friday) it wasn't the index to make the biggest move. ($SPX) via StockCharts.com That honor went to the Nasdaq 100 as it completed a bear trap. Shorts - if they haven't covered already - will have to step up to the plate to protect themselves. If this forced buying pushes the Nasdaq 100 over 2,337 it will kick start the next round of bullish momentum. Placing stops is easy, use the bear trap low as a marker. ($NDX) via StockCharts.com Small Caps were not to be left out. Its +2% gain returned it above its 20-day MA, but kept it shy of regaining the former channel. ($RUT) via StockCharts.com As a final mention, the semiconductor index continues to honor its narrow channel. It is nicely poised to challenge resistance. ($SOX) via StockCharts.com So, will bears have mojo to mount another attack? While small losses would not be unexpected, it will be important for bulls to ho

After Friday's heavy loss it was no great surprise to see markets recover a little. The S&P made it back above its 20-day MA. MACD weakness picked up a little, but other technicals remained firm. ($SPX) via StockCharts.com The Nasdaq wasn't so fortunate. Monday's gain wasn't enough to make it above the 20-day MA. ($COMPQ) via StockCharts.com Nasdaq Breadth returned to its bearish ways with the Percentage of Nasdaq Stocks Above the 50-day MA losing 55% support on increased technical weakness. ($NAA50R) via StockCharts.com And technicals of the Nasdaq Summation Index turning net bearish ($NASI) via StockCharts.com It could be argued the Nasdaq 100 has broken from its channel support. ($NDX) via StockCharts.com Meanwhile, the Russell 2000 defended its 50-day MA. ($RUT) via StockCharts.com Market Breadth is suggesting the intermediate term correction has started and a rally at this point should be sold into. Follow Me on Twitter Dr. Declan Fal

The following five stocks were able to buck Friday's sell off by breaking higher on volume: Ariba (ARBA), Coniz (COBZ), Cons Water (CWCO), Suncor Energy (SU) and Vistaprint Limited (VPRT). Has Friday bought these stocks some leeway on further market weakness? Can they maintain their run? Follow Me on Twitter Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com . I offer a range of stock trading strategies for global markets which can be Previewed for Free with delayed trade signals. You can also view the top-10 best trading strategies for the US, UK, Europe and Rest-of-the-World in the Zignals Trading Strategy Leaderboard . The Leaderboard also supports advanced search capability so you can tailor your strategies to suit your individual requirements. Zignals offers a full suite of FREE financial services including price and fundamental stock alerts , stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks,

It has been a few weeks since this was last done. What has changed amongst the Stockcharters? Topping the visit list is Santoren.com with Tomas Leszczynski . Interesting look at the S&P if it was an oscillator... I don't normally post individual stocks here, but this is nicely done from Tomas: How will early year buying hold up as last Friday's selling unwound the prior five days of buying? Anthony Caldaro of Objectiveelliottwave.com has marked a Major first wave top with the second wave kicking off from Friday's high. The good news for bulls is that a third wave higher should emerge in a few months. Richard Lehman of the Channelist.com has indicated channel breaks in the Dow 5-min and 60-min charts with a clear resistance confirmation touch on the daily. Lots of room down. 1/23 -- OK, I've updated everything now. Sorry, but deadlines on book #3 ('Options for Volatile Markets' - coming in Sep) have had me hunkered down for weeks. This

Friday's selloff was enough to dictate terms for the week. The Nasdaq has yet to make it all the way to 2,818 resistance. Instead, a mini-resistance level has developed at 2,766. Stochastics are weakening from a reaction peak, suggesting a pullback of a number of weeks is in the making. Nasdaq via StockCharts.com The Nasdaq 100 managed to eek out a tiny gain and is well above 2,217 support. Going forward, market momentum will depend on how well the Nasdaq 100 holds up on future weakness. Should it stumble a larger rout is likely. ($NDX) via StockCharts.com Nasdaq Breadth suffered a second week of sharp declines. The Nasdaq Percentage of Stocks Above the 50-day MA closed the week just above the 50% market; reaction bottoms occur around 30% - although during the current cyclical bull market the Nasdaq has found reaction lows when in the mid-teens. Net effect, more downside ahead. ($NAA50R) via StockCharts.com Meanwhile, the lagging S&P is below 2008 mini-reaction hi