Not an entire lot to say about at present. The Semiconductor Index gained almost 1% because it pushed a brand new multi-year excessive, however a lot of the features have been achieved by the open and it didn’t add an excessive amount of after that. However, it did maintain shorts at bay for an additional day (resistance stays former channel help).
The Nasdaq made barely greater good points, however not sufficient to vary the technical image, nor the context of the place the index stands now.
The Russell 2000 didn’t fairly make the identical positive aspects because the Semiconductor Index, nevertheless it stored with the notion of constructing help on the swing low.
If bears are to strike I might anticipate an enormous someday unload; a busy first half-hour of buying and selling which doesn’t get well. The bullish outlook is probably going going to be extra like right now with small, insignificant positive factors, which add up over time. My bias expects a bearish unload, however I’ve been incorrect on this rally for too lengthy.
You’ve now learn my opinion, subsequent learn Douglas’ weblog.
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SOURCE: Fallon Financial Commentary – Read complete story here.