Bulls want to construct swing lows with some respectable shopping for throughout markets. Best of the market motion went to the Russell 2000, gaining 1.5% with an in depth close to right now’s highs. The achieve was sufficient to return the index above the 50-day MA, however there wasn’t a lot technical enchancment.
The Nasdaq 100 performed to its robust development because the yr’s market outperformer posted a brand new closing excessive on greater quantity accumulation. The solely unfavourable was the holding MACD set off ‘sell’, however extra motion like in the present day’s will shortly rectify that. Stops could be trailed alongside the 20-day MA.
The S&P additionally loved an accumulation day with a good shopping for day. It might but problem the current highs, however it’s going to take one other couple of day’s shopping for earlier than it will occur.
The Semiconductor Index additionally loved a strong day. While it managed new highs on a recent MACD set off ‘buy’, it hasn’t but cleared resistance which might negate a possible shorting alternative. However, if it could possibly break previous the hashed blue line it will open up for a transfer to the strong blue line of the rising channel (an honest lengthy commerce).
For tomorrow, search for extra of the identical with consumers holding the higher hand. Long stops go on a loss of swing lows.
You’ve now learn my opinion, subsequent learn Douglas’ weblog.
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SOURCE: Fallon Financial Commentary – Read whole story here.