Technical View: Nasdaq Sideways as Semiconductors Stuck Range Bound

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Technical View: Nasdaq Sideways as Semiconductors Stuck Range Bound

It was a mixed bag of action for indices yesterday. Some finished slightly up, some slightly down – all on low volume. It wasn’t really a day to get excited about anything.

An index I haven’t mentioned in a while is the .

All key moving averages have converged once again after a ******* when it looked like the 20-day MA was about to do a runner. The index itself is struggling to get above these averages, but this is range bound between 4,400 and 5,450, and will remain so until one of these levels are breached. Because of its relative position to the averages, you could call this a ‘glass half full’ and edge bearish on the

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The posted the second day’s worth of a small gain and is nicely positioned to turn tomorrow into a third day. The MACD ‘sell’ trigger is a weak signal, as is the underperformance relative to the .

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The is likewise knocking on the door for a challenge on the January ‘bull trap’.

The two consecutive ‘up’ days gives cause for optimism, although the bearish harami is usually a reliable (bearish) reversal pattern. Technicals remain net bullish.

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For tomorrow, look to the S&P and Dow Industrial Average to (eventually) break to new all-time highs. It would be good if the Semiconductor Index could start to put some sort of direction as to where to go next, but it will take more than tomorrow’s action to do that.

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#Technical #View #Nasdaq #Sideways #Semiconductors #Stuck #Range #Bound

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