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Daily Market Commentary: Bulls Hold On

By Chart School
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Daily Market Commentary: Bulls Hold On

Courtesy of Fallond Stock Picks 

The 20-day MAs have came into play for the semiconductor index and large cap indices. Volume was mixed and some indices performed better than others.

One of the better one was the S&P. The index closed near the day’s high on higher volume accumulation. The challenge for bulls is getting past the 20-day MA.

($SPX)

via StockCharts.com

It was the same story for the Dow, except it closed on its 20-day MA. If it was to break through it will run into resistance of the new ‘Death Cross’ between 50-day and 200-day MAs.

($INDU)

via StockCharts.com

The semiconductor index was mixed; it held 200-day MA support but couldn’t break resistance of its 20-day MA.

($SOX)

via StockCharts.com

While the Russell 2000 finished just on resistance and remains in the same trouble as before.

($RUT)

via StockCharts.com

The feel good feeling from yesterday has worn off a little. Now it’s important for June/July lows to hold as support when the inevitable period of weakness arrives. 

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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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