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Friday, April 26, 2024
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Daily Market Commentary: Modest Gains on Higher Volume

By Chart School
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Courtesy of Declan Fallon

What the market took yesterday was given back today. Higher volume swung things in favour of bullish accumulation. The S&P continued to advance neatly between support and resistance of its channel.

($SPX)

via StockCharts.com

Likewise for the Nasdaq

($COMPQ)

via StockCharts.com

The Russell 2000 returned to former channel support – now resistance. Yesterday’s attempt to initiate a downward move was out done by today’s rally. The rally likely triggered fresh short covering as new highs solidified. Can shorts provide pressure tomorrow?

($RUT)

via StockCharts.com

For Thursday, again look to the Russell 2000 to provide bear side pressure. Other indices only have the trend to look too and a period of indecision is a worst case scenario. Whatever happens, there isn’t going to be a significant change on Thursday’s action.

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