Daily Market Commentary: 'Death Crosses'
There are two sides to the coin. On the bullish front is the "bullish harami" (S&P and Dow) or "bullish harami cross" (Semiconductor index). On the bearish front is a 'Death Cross' between 20-day and 50-day MAs for the Semiconductor index, Nasdaq and Nasdaq 100. The semiconductor index experienced both sides of the coin. The 'bullish harami cross' is one of the most bullish reversal patterns. It is helped by oversold stochastics and a MACD historgram on the rise. Stop goes on a break of 408.69 (closed at 417.97). The upside target is the fast falling 20-day MA, currently at 445.35. ($SOX) via StockCharts.com The Nasdaq opened at former channel support but couldn't push higher - lending weight towards an acceleration to the downside. ($COMPQ) via StockCharts.com The S&P played more to the 'bullish harami'. It was able to dig in at 1,260 support, but has its work cut out to break back inside the former channel or the fast...