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Bulls Keep The Pressure On

By Chart School
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Daily Market Commentary: Bulls Keep The Pressure On

Courtesy of Fallond Stock Picks 

Small Caps again took charge and dragged Tech indices with the help of the semiconductor index. Bulls used rising support to launch their attack as the Russell 2000 added another percentage point. Supporting technicals made modest gains but are mapping bearish divergences with lower highs – but bulls won’t be complaining too much.

($RUT)

via StockCharts.com

The Nasdaq managed a new closing high, Thursday’s trading engulfing the narrow trading range from Wednesday. It’s nicely set up for a positive Friday.

($COMPQ)

via StockCharts.com

The semiconductor index added close to 2%, negating what was the most bearish close from the indices I track

($SOX)

via StockCharts.com

The strength in Small Caps and Tech filtered down to at least a positive finish for the S&P. But even here there is enough to suggest Friday could follow through higher

($SPX)

via StockCharts.com

Markets are nicely poised to continue higher – extended though they are. Will Amazon and Microsoft earnings be the dampner? 

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Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Neither PSW nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

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