Breaking News

Tech Indices Dig In At Support

By Declan FallonStock MarketsDec 07, 2017 12:10AM ET
Tech Indices Dig In At Support
By Declan Fallon   |  Dec 07, 2017 12:10AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

It was a relatively quiet day for markets yesterday, more about the working status of potential trade setups.

Tech Indices are still holding to a bullish set up with both the NASDAQ and NASDAQ 100 at channel support having enjoyed small gains yesterday. Stops can go on a loss of yesteday's lows if looking to take advantage of the support test.

COMPQ Daily Chart
COMPQ Daily Chart

NDX Daily Chart
NDX Daily Chart

The S&P saw a slowdown in the losses. Yesterday's narrow range offers a pullback buying opportunity with stops on a break of yesterday's lows and a confirmation buy on a break above yesterday's highs. Action in this index over the last three days has been very positive (especially given the selling in Tech indices). The index relative performance has also seen an improvement.

SPX Daily Chart
SPX Daily Chart

The Russell 2000 wasn't so lucky as the November breakout struggles. The convergence of 20-day and 50-day MAs is offering a support opportunity but it's not a clear buyers play as the MACD is on the verge of a new trigger 'sell'. Other technicals are also weakening along with a relative performance loss.

RUT Daily Chart
RUT Daily Chart

For today, look for opportunities in the NASDAQ, NASDAQ 100 and S&P. The Russell 2000 may become interesting if there is a spike and particularly if the spike low comes with a close above the 50-day MA.

Tech Indices Dig In At Support

Related Articles

Tech Indices Dig In At Support

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email