Modest Selling – Tuesday, Dec. 19

There wasn’t a whole lot to say about today. Profit takers tool advantage of yesterday’s gap higher to take some profits.The Russell 2000 enjoyed the best of the gains yesterday and suffered the worst of the selling today. The selling didn’t take out the MACD trigger ‘buy’ or the ‘buy’ trigger in ADX.Support at 1,520 is also available.
 

The S&P experienced low volume selling but the selling wasn’t enough to close the gap (bullish) or break the technical picture.
 

It was a similar story for the Nasdaq, although it managed to trigger a new relative ‘buy’ despite today’s selling. Other technicals are bullish.
 

The Semiconductor Index performed well with prices holding near yesterday’s highs. Shorts don’t look likely to regain control with further gains likely in the days ahead.
 

For tomorrow, watch for more upside, especially from Semiconductors. Shorts may look to the S&P or Nasdaq but neither are offering attractive shorting positions at this time.