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Saturday, October 1, 2022

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Daily Market Commentary: Strong Gains

Fallond Stock Picks liking the rally… – Ilene 

Daily Market Commentary: Strong Gains

The week started with morning gaps which held and pushed on with a close that marked the day’s highs. These gaps in themselves may prove to be measuring gaps, which sets a positive tone for the next couple of weeks ahead. The S&P even managed to break its 200-day MA, leaving August highs as the next target. 

($SPX)

via StockCharts.com

The Nasdaq similarly pushed beyond its 200-day MA and did so on higher volume accumulation. There is a case for a break of the three-and-a-half month consolidation too. 

($COMPQ)

via StockCharts.com

The Russell 2000 also managed to clear resistance with a gap and break of 200-day MA; June-July reaction highs are next.

($RUT)

via StockCharts.com

The Nasdaq 100 went a step further and closed above the August reaction high (a very positive development)

($NDX)

via StockCharts.com

Even the semiconductors offered potential by re-engaging the bear trap; a close above 331 (just 4 points away) will confirm. 

($SOX)

via StockCharts.com

So, a very positive day to follow a positive Friday. The concerns from Thursday’s bearish black candlesticks have been eliminated and there is a good chance this is the start of another 1-2 weeks of gains.  

 

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