After a sequence of losses, buyers were able to assert some control on things. This was most evident in the S&P which saw a successful defense of the 50-day MA. It will take a few more days like today to see technicals improve, but it was a step in the right direction.
The Nasdaq managed to get an important breakout to push the index to new multi-year highs, it has just channel resistance to contend with. Unlike the S&P, all technicals are bullish.
The Nasdaq 100 is also well positioned for further gains with good technical strength.
Bulls can continue to look to the Russell 2000. Like the Nasdaq and Nasdaq 100, it got the breakout it has threatened since last week, but it also has plenty of upside room before it encounters channel resistance.
In contrast, the Dow's gain wasn't enough to stop a net bearish turn in technicals.
Bulls have a chance to press and the Russell 2000 is still the index they should pursue. Shorts would want to be very careful if playing channel resistance in the Nasdaq or Nasdaq 100, as the more likely outcome will be further gains.
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Daily Market Commentary: Buyers Assert Some Control
Published 10/02/2013, 03:21 AM
Updated 07/09/2023, 06:31 AM
Daily Market Commentary: Buyers Assert Some Control
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