While the big moves on the back of the election have not included technology broadly, today represented a slight change. The Nasdaq was the best performing index today and the tech stocks were broadly bid. The Semiconductor ETF (SMH) is poised for its highest close in 5 weeks. The chart did not break down like some of the indexes to 4 month lows, so this group continued to outperform.
With the MACD resetting near zero and the technology area surging today, this is ready to test the October 10th high.
I'll be hosting a Commodities Countdown Webinar 2016-11-17 at 5 ET. There are lots of interesting swings in the market since the Trump Jump. We also have options expiration on Friday which has marked some interesting short term turns in the market. One of the things I am watching closely is the global market perspective. We would expect some of the other world markets to join the rally to new highs soon. So far, the Shanghai ($SSEC) is rallying with the US market. There is lots more to discuss, I hope you can join me. Click on the link at the top of the paragraph to register.
Good trading,
Greg Schnell, CMT, MFTA.
