Courtesy of Declan Fallon
Weakness in the semiconductor index spilled over into the Nasdaq, although losses were minor and the March swing low wasn’t violated.
On more positive news, weakness in Tech has resulted in money rotating into speculative Small Caps (in addition to defensive Large Caps). A break above 814 would be a very positive development – new longs could use yesterday’s low as a stop placement, working on an assumption 814 will be breached.
Tomorrow looks better suited for longs to work some magic. The proximity of support – or at least a low risk stop – offers something for buyers. Shorts will likely not get aggressive until overhead 20-day MAs are tested.
—-
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 strategies to suit your individual requirements.
Zignals offers a full suite of FREE financial services including price and fundamental stock alerts, stock charts for Indian, Australian, Frankfurt, Euronext, UK, Ireland and Canadian stocks, tabbed stock quote watchlists, multi-currency portfolio manager, active stock screener with fundamental trading strategy support and trading system builder. Forex, precious metal and energy commodities too. Build your own strategy and sell it in the MarketPlace to earn real cash.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY – IT’S FREE!