Not sure buyers are coming in a little early on this? But after Tuesday's sharp intraday reversal it had looked likely markets were going to take a little breather.  Instead, bulls took markets off their lows and back to Tuesday's close - or slightly higher.  Volume was lighter, so there wasn't a whole lot of conviction to the buying. The Nasdaq had the best of the buying, keeping the July rally on track towards testing channel resistance.  Technical strength remains good. The Russell 2000 was the day's underperformer.  It closed lower, but had managed to claw back some of the day's losses.  It remains primed to break past the June swing high (long ago breached for the S&P and Nasdaq) and has plenty of support to look too at 795, 20-day and 50-day MAs. The S&P was effectively caught in the middle.  Closing on a doji and in a position where it could go either way.  Tuesday's high effectively touched channel resistance, so the scales area tippe

A weak finish undermined the bright start markets enjoyed. Volume picked up in line with bearish distribution, lending weight to the probability for further declines in the short term. The Nasdaq also experienced distribution and looks ready to move back to channel support. The Russell 2000 managed to break resistance only to see it finish at the day's lows.  Todays' highs marked the upper end of resistance. In the short term, look for further declines - likely back as far as channel support, but the overall trend remains bullish. --- 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 Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advance

The week started quietly with indices finishing near last Friday's highs. Volume was light, in line with vacation trading. The Nasdaq continued its impressive run technically, despite its minuscule 0.01% loss on the day. Nasdaq sentiment picked up steam with the Percentage of Nasdaq Stocks above the 50-day MA rising above 60%. The Russell 2000 remains nicely primed to clear 820. Only the volatility index (VXN) gives an indication things may get a little rocky in the days ahead. ---- 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 Trading Strategy Marketplace Leaderboard. The Leaderboard also supports advanced search capability so you can tailor your strate

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It was a decent week for the indices, helped in large part by Thursday's volume advance and Friday's little top up. The overall weekly volume wasn't great, but it sets up next week for a challenge of all-time highs for many of the markets. The S&P is already there as it managed a new closing weekly high. The Dow is on the verge of a new high and a breakout.  Will Monday do it? The Russell 2000 had the biggest advance on the week, but it still has the most work to do before it gets to clear resistance. The real action won't come until September, but bulls might put on a little flourish before we get there. --- 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

In what amounted to a follow through from days of inaction, markets took a step higher on some decent volume (accumulation).  The index to make the most of the leap was the breakout - albeit of rising channel resistance - in the Nasdaq 100. Next on the hit list is a challenge to clear 2,790, but it's looking good for tech stocks. Helped in part by some strong recovery action in Semiconductors; note the rise in relative strength between Semiconductors and the Nasdaq 100 since the July swing low.  This is an indication of leadership from bullish-economic sensitive sectors; good news going into 2013 for the economy. Small Caps were another index to shine. There was a solid pop above mini-resistance of 803 and heading into an area of resistance around 820. If there is a cautionary tale it's in the VXN.  It's fast approaching its all-time low from 2005. This in itself isn't an immediate problem, but it started a gradual rise which eventually culminated i

It was a solid day for Small Caps and Tech Indices, albeit without any great volume to back up the buying. The overall market continues to lull in 'vacation trading' mode and is unlikely to see this reversed until September. The Russell 2000 is holding above what is increasingly becoming support at 795.  There is a band of resistance around 820 which still has to be challenged but it's looking reasonably good on getting there. The Nasdaq 100 continues to run along upper channel resistance and its 6 day failure to reverse from it suggests it will push through and higher. Technically, it's still resistance and therefore bearish - but bears/shorts should have pushed the market down by now... This consolidation may unwind sharply higher before the extended nature of the July rally takes hold (look to around 2,800 for this to happen). Large Caps were relatively dull, although like the Nasdaq 100 there is a stronger possibility for a push higher from the recent ti