Daily Market Commentary: Large Cap Breakouts Hold For a Second Day
Courtesy of Fallond Stock Picks
It started out like it was going to be a taxing day for the markets, but in the end markets finished modestly higher on light volume, doing enough to keep the rally ticking along.
The S&P held 1,118 support and is nicely positioned to push higher.
via StockCharts.com
The Nasdaq still has to test June reaction high resistance, but like the S&P there is much to stop a 36 point gain to reach this point.
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The Russell 2000 was able to nip a declining resistance breakout on the back of a bull cross between 20-d x 50-d MAs, but it still has June-July reaction highs to test.
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The semiconductor index held on to its 200-day MA for yet another day but is struggling to break free of its 20-day, 50-day and 200-day MAs convergence.
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With another few weeks to go before vacation season ends there could be some further gains to bank before the real action (up or down) kicks in.
