Daily Market Commentary: Light Losses In Indices
Declan Fallon | Aug 29, 2014 12:37AM ET
Charts are turning into a scatter plot of doji. Today's losses didn't violate support and trading volume was light. Little to worry about here.
The Russell 2000 took the largest loss, but it's secure above its 50-day MA. The index is trading within a rising channel with a number of support levels, including the 50-day MA, to look too.
The semiconductor index managed to finish with a gain as it held yesterday's lows on early weakness. This is also good news for the Nasdaq and Nasdaq 100.
For Friday, look for further upside from the semiconductor index. Near term traders can look to the S&P which may find love at 1,987. No short candidates.
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