Daily Market Commentary: Small Caps Break Channel
Bulls were able to continue with yesterday's buying. Volume was lighter so there was a degree of uncertainty to accompany the buying. Small Caps pushed through its channel with a MACD trigger 'buy', but it has to break February highs before confidence can start to flow again. ($RUT) via StockCharts.com The Dow is in a battle between a minor channel breakout and resistance as defined by former support of the prior up trend. The good news for bulls is that it's the first index to turn net bullish technically. ($INDU) via StockCharts.com The Nasdaq 100 gapped powerfully higher - leaving behind a bullish island reversal. It has finished a shade below its 50-day MA which may curb buyer enthusiasm Friday. ($NDX) via StockCharts.com The semiconductor index also gapped to leave an island reversal. It has room to maneuver to its 50-day MA, with the 20-day MA current resistance. Looks good for a few more days of gains. ($SOX) via StockCharts.com How semiconduct