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Daily Market Commentary: Vacation Trading

Published 07/01/2014, 12:50 AM
Updated 07/09/2023, 06:31 AM

Not much to write about. The S&P 500 did nothing more but offer swing traders a nice narrow intraday range to trade against.

SPX Daily
The NASDAQ added a few more points, but nothing exciting other than to please existing shareholders.
COMPQ Daily
Somewhat surprised to see the Russell 2000 gain. I would still like to see a move back to channel support, but nothing to say it will. The 'sell' trigger in CCI was negated.
RUT Daily
The Nasdaq 100 tagged channel resistance. Bears may take that as a sign to attack, but given the light volume it's not the strongest of bearish signals. A stop above 3,860 would be the risk measure if looking to short. The MACD is holding on to a 'sell' trigger, but looks ready to switch to a 'buy'.
NDX Daily
Finally, the semiconductor index looks ready to deliver on the 'bear trap' - probably the best of the long trades out there.
SOX Daily
 
For Tuesday, bulls can look to the aforementioned semiconductor index, and bears to the Nasdaq 100. I'm going back to watching the more than entertaining Germany vs Algeria WC game.

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