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Daily Market Commentary: Tech Raises Questions

By Chart School
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Daily Market Commentary: Tech Raises Questions

Courtesy of Fallond Stock Picks 

It was a tricky day for markets. On the positive side, Large Caps held their channel breakouts and are nicely positioned to build on yesterday’s gains; volume eased in line with a bullish consolidation. 

($SPX) 

via StockCharts.com

On the more mixed side were the Nasdaq and Nasdaq 100, in each case there is indecision at converged 50-day and 200-day MAs but the Nasdaq is also up against declining channel resistance. Technicals of each have turned net bullish so there is momentum to drive a break. 

($COMPQ)

via StockCharts.com

The hardest hit was the semiconductor index. After a strong day yesterday, today it finished with bearish cloud cover. Not the ideal scenario to help drive Tech averages higher. 

($SOX)

via StockCharts.com 

For Wednesday keep an eye on the Nasdaq and watch for upside follow through in the S&P and Dow. Technicals suggest there is more upside in the tank but markets remain vulnerable with the sequence of lower highs and lower lows intact.  

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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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