Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

S&P Breakout + Tech Support Bounce

Courtesy of Declan.

If volume wasn’t just a little disappointing this would have been considered a super solid day for bulls. Having said that, shorts will be feeling the squeeze and anyone short the Dow Jones would have been feeling particularly aggrieved.




Momentum bull-runner the Dow Jones gapped at the open and finished at the high of the day. Relative performance actually dropped a little but the Dow is clawing back 6-months of under-performance so it can be forgiven for this.






The S&P had a standard breakout – but a breakout which completed the sideways consolidation of recent weeks.  This helps strengthen the technical picture, which was wavering a little. The MACD returned to a ‘buy’ trigger after a brief ‘sell’.





The Nasdaq gapped higher from channel support, although Thursday/Friday was the time to have bought. A challenge of recent highs, then a move to channel resistance are the goals to aim for. Technicals have work to do although stochastics haven’t lost bullish territory.





The Russell 2000 made solid gains but it hasn’t yet challenged the June ‘bull trap’. In the light of action for other indices, today was a low key affair but it was important in showing growing demand for speculative Small Caps.





The Semiconductor Index is knocking on the door of former channel support turned resistance.  The index had the best relative gain (nearly 2%), but with resistance converging shorts will have an opportunity to attack. The risk is high, but it’s the only index really offering anything for short players.





For tomorrow, bulls can hold, bears can track the Semiconductor Index. No buyers need to watch pre-market and the first half hour of trading to get an idea what the rest of the day can bring.




You’ve now read my opinion, next read Douglas’ blog.




I trade a small account on eToro, and invest using Ameritrade. If you would like to join me on eToro, register through the banner link and search for “fallond”.




If you are new to spread betting, here is a guide on position size based on eToro’s system.






Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!