Thursday, July 01, 2010
Daily Market Commentary: Bulls Have and Angle
By Declan Fallon
It had to happen at some point that after a sharp drop bulls would have something to offer. Thursday's close looks like such an opportunity.
Today's bullish hammer in the S&P was accompanied by some higher volume trading which bodes well for Friday.
($SPX)
The Russell 2000 similarly finished with a bullish hammer.
AAAAAAAAD Russell 2000 Small Cap Index ($RUT)
It had to happen at some point that after a sharp drop bulls would have something to offer. Thursday's close looks like such an opportunity.
Today's bullish hammer in the S&P was accompanied by some higher volume trading which bodes well for Friday.
($SPX)
via StockCharts.com
The Nasdaq finished on trendline support although it was a bumpy ride intraday. Technicals remain weak.
AAAAAAAAC Nasdaq Composite ($COMPQ): "
via StockCharts.com
"The Russell 2000 similarly finished with a bullish hammer.
AAAAAAAAD Russell 2000 Small Cap Index ($RUT)
via StockCharts.com
Even the Nasdaq 100 looks tempting
($NDX)
via StockCharts.com
Bulls have a simple task; buy break of today's highs with a stop below lows. Resistance starts at May-June support then 20-day MAs. Long term, the bullish picture continues to deteriorate.
