Again, it was left to Semiconductors to do the leg work for the day as it added nearly 1%. The question is whether strength in this index will contribute to further gains for the Nasdaq and Nasdaq 100. The ‘bull trap’ in the Semiconductor index is now negated.
The Nasdaq 100 is up against Friday’s highs. Volume dropped as markets prepare for the shortened holiday week. Drip gains are probably the most likely outcome, but nearby support is some distance away, making it hard to be a buyer here.
The Russell 2000 edged out of its tentative channel and is challenging the November high. Larger resistance remains to be challenged, but it’s nicely positioned to gain. I would be looking similar to what happened in the Semiconductor Index
The S&P inched higher, but like the Nasdaq 100 it’s hard to be a buyer given the action, but even harder to be a seller if already long.
We are unlikely to see too much for Thanksgiving week, but if there is a bias it’s likely to be bullish.
