A Tale of Two Cities as Large Caps keep bullish momentum running with higher volume accumulation, while Techs - influenced by Semiconductors - edge lower.
The S&P maintained bullish technicals as it added a few points to yesterday's gain. A push to challenge 2,140 looks well on the cards.
What could hold things back are Tech indices. The Semiconductor Index had a week day with over a 1% loss. Relative performance continues to fall off sharply.
The Nasdaq indices are suffering as a result. There is still a risk for further losses, but the index could still go on to surprise. While this index is weak, tech indices will struggle for traction.
Because of weakness in Semiconductors, the Nasdaq and Nasdaq 100 suffered relative distribution, but the indices are caught in a no-mans land.
The Russell 2000 is caught in the middle with its reversal doji at channel resistance. The best which come out of this is that this frustration turns itself into a general loss with the inde
For tomorrow it will be about which side wins out. Large Caps attracting more buyers in a push to new highs, or Tech taking further losses.
Comments
Log in or sign up to join the conversation.