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Daily Market Commentary: Markets Hold On

By Chart School
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Daily Market Commentary: Markets Hold On

It was a mixed day for the markets. Volume picked up as the 20-day MA held as support for the S&P. Wednesday’s spinning top implied indecision but it was probably a better day for the bulls given volume was not accompanied by a more concerted point selloff. 

($SPX)

via StockCharts.com

The Nasdaq had a quieter day, a tight trading day held 200-day MA support.

($COMPQ)

via StockCharts.com

As did Small Caps

($RUT)

via StockCharts.com

The Nasdaq 100 is interestingly positioned at former resistance turned support; looks an aggressive ‘buy’ for Thursday.

via StockCharts.com

While bulls have lost some of the momentum from the June bottom rally it looks like Thursday will give them an opportunity to offer a defense at key moving averages.  

 

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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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