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Market Commentary

Declan Fallon runs a market commentary blog at Markets.fallondpicks.com, and is a contributor to TalkMarkets and Seeking Alpha. He previously contributed to the Motley Fool. Declan Fallon is also a UI/UX Dashboard Designer for ... more

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Tick Tock Rally Continues
Very little to add from what has gone before; rallies continue higher with supporting technicals still positive (no bearish divergences of concern).
Rallies Extend
Friday was more of the case of preserving gains and undoing some of the potential 'topping' candlesticks which had emerged on Thursday.
Index Breakouts Hold
No real surprises today but the most important aspect to today's trading was the fact index breakouts held for another day. Small Caps lost a little ground but didn't undercut the breakout level.
Dow Breakout Today
With the Nasdaq joining Large and Small Caps on breakouts there was nothing to stop a significant rally from emerging here.
Nasdaq And Small Caps Breakout
Markets are nearly all aligned with new highs and are well set up for end-of-year rallies. For this week it will be about defending breakouts and avoiding 'bull traps'.
Indices Hold Up Despite Intraday Swing
Sellers tried to reverse the breakouts in the indices but were instead undone by higher volume buying. Indices which had broken out remained above resistance, while those still waiting remain well placed to do so.
S&P Breakout
It didn't take long for the S&P to follow the lead of the Semiconductor Index with a breakout of its own.
Semiconductors Breakout (Again); Indices Primed To Follow
It was an excellent Friday for bulls with light volume the only mark against the indices. Semiconductors led the way as after much back and forth in recent weeks the index finally made a decisive most past resistance.
Semiconductors Return Inside The Consolidation
There wasn't a whole lot attached to today's action except for the Semiconductor Index.
Friday's Losses Reversed But Breakouts Remain On Hold
It was a good start to the week with Friday's losses reversed in their entirety, although trading volume was down on Friday's selling.
Minor Losses As Semiconductors Dips Below Resistance
Friday's selling brought with it confirmed distribution; not great, but with indices range-bound the broader picture remains unchanged.
Russell 2000 Clears 200-Day MA As Indices Consolidate
Although all indices remain stuck inside their multi-year trading ranges, the Semiconductor Index is again trying to break clear.
Semiconductors Breakout
The Semiconductor Index has breached 1,625 with a return to net bullish technicals.
Gains Stall After Positive Friday
Again, everything is viewed through the window of a trading range and until this is breached it's mostly noise in a teacup.
Trading Range Remain As Indices Start To Coil
Market are shaping into small pennants/coils as last week's losses shape into a set of inside days. For indices testing 200-day MAs, the reaction bounce has now stalled as markets search for the next move.
Market Rally Runs Into Resistance
After Thursday and Friday's gains, today saw the brakes applied with a stall in the rally.
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