All markets enjoyed a bright day – even the Russell 2000 () – although the last hour of trading saw some comeback across the indices. Best of the action came from the Semiconductor Index (). Friday’s gains were enough to see the index close above all key moving averages. Today’s trading saw the index close above multiple converged resistance areas. Having said that, it’s not the ultimate breakout of 5,400, but it goes a long way to bedding the bearish action of recent weeks.
The Russell 2000 (IWM) rallied a little from the void. There was no test of the 50-day MA, at least not yet, although it was able to rally from the November swing low.
The S&P had a quiet day. It held support, but did little else.
The Nasdaq posted a solid gain to make a new all-time high, although it didn’t register an accumulation day.
For tomorrow, we will want to see the Semiconductor Index hold on to its gains and see if the Russell 2000 can firm up a swing low.More By This Author:
Semiconductor Index Mini-Breakout
