It was another quiet day for indices but the Semiconductor index was able to add over 1% on the day. This also helped post gains to the Nasdaq 100, although there was a relative gain for the Semiconductor Index against the latter index.
The Nasdaq 100 registered an accumulation day despite its underperformance against Small Caps. The index remains well placed to make a move to upper channel resistance.
The Russell 2000 is outperforming against the Nasdaq while it registered a small loss on the day. Those looking for a pullback ‘buy’ opportunity may be rewarded early next week. Technicals remain in excellent shape.
For the sake of inclusion, there was nothing to say about the doji in the S&P.
For tomorrow, momentum players can continue to focus on Tech indices and Semiconductors. Value players can look to take advantage of any additional weakness in the Russell 2000. Everything else is a hold, while Shorts need to remain on the sidelines – although aggressive ones may want to try for a double top in the S&P, unlikely though this looks.
