We will provide a reading for January 2014 in next weeks subscriber update to see if this is going to be a 3 month trade or possibly longer.
Don’t forget to have a look at the Weekly Sentiment Report published today.
The Russell 2000 posted the largest end-of-day gain, significantly reducing the risk for a 'bull trap'. The index is on course for a test of channel resistance, with the possibility of a measured move target of 1,137.
The S&P is only a couple of points away from channel resistance where it's more likely to encounter supply issues (from sellers) relative to the Russell 2000 and Nasdaq.
However, the Nasdaq 100 was able to go one step further and clear channel resistance. This is good news for other indices fast approaching channel resistance of their own.
The semiconductor index returned to the 'right side' of the trend line, confirming the break of 500 (which should be significant support going forward).
No 'sell the news', and bulls firm up breakout support. It might be a long wait before bears can finally muster a shortable trend lower.
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Daily Market Commentary: Upside Follow Through
Published 10/18/2013, 03:44 AM
Updated 07/09/2023, 06:31 AM
Daily Market Commentary: Upside Follow Through
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