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Daily Market Commentary: Bulls Make a Comeback

By Chart School
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Daily Market Commentary: Bulls Make a Comeback

Courtesy of Fallond Stock Picks 

While market’s MACDs remained on a ‘sell’ it was a better day for bulls. There was higher volume all around which for large caps (S&P and Dow) expressed itself as buying; February & Flash-crash lows remain an area to defend. 

via StockCharts.com

For the Nasdaq the buying was not as strong but the afternoon bullish reversal was evident.

($COMPQ)

via StockCharts.com

Even returns for Small Caps suggest the 200-day MA could be regained tomorrow

($RUT)

via StockCharts.com

The recovery in the semiconductors wasn’t enough to prevent a MACD trigger ‘sell’ but tomorrow is a big day with the recent loss of support to battle. 

($SOX)

via StockCharts.com
 

Tuesday’s doji should see some upside follow through for markets but what happens when they get to 200-day MAs will be key. Until then, trading range behavior dominates – bound by Flash-crash lows and 200-day MAs. 

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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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