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Large Caps and Semiconductors Have a Small Gap Move Break on Friday

There wasn’t a whole lot to Friday’s action; Large Caps posted a small gap move break with Semiconductors managing a new all-time gap high.

 

By Dr. Declan Fallon

The gap in Semiconductors cleared the consolidation from earlier in the week. Technicals are in good shape with only a potential bearish divergence shaping up in the CCI, but other technicals remaining firm


The gaps in the S&P(NYSEARCA:SPY) and Dow Jones(NYSEARCA:DIA) experienced relatively minor gains with higher volume accumulation, which was perhaps the best action from Friday.

 

Russell 2000 (NYSEARCA:IWM) gains were minor but held above the 200-day MA. Aside from this there was little more to say on this.

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There wasn’t much to add for the Nasdaq(NYSEARCA:QQQ). Technicals remain very strong with no bearish divergence of note to worry about.