Nasdaq Takes A Small Loss
Declan Fallon | Aug 21, 2014 01:12AM ET
It was more of the same from the Semiconductor index: a solid gain which took the index ever closer to 652 resistance. All of which is helping the NASDAQ and Nasdaq 100 maintain their push to all-time highs. Technicals for the Semiconductor Index are net bullish. Weakness will offer itself as a buying opportunity, particularly at the breakout line and/or 50-day MA. Risk can be measured from the 38.2% fib retracement at $616.25.
It's the same story for the Nasdaq 100: buy back to 3,997, but watch for a 'bull trap' on losses below 3,997.
The S&P is the index to watch tomorrow. It has reached an inflection point: either it breaks 1,990 or it bounces off it. A bounce off may be nothing more than a delay, particularly if the Nasdaq continues to push higher. Note, technicals for this index are net bullish.
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