Daily Market Commentary: Breadth Developing Swing Low

The first day of the post-Thanksgiving holiday saw respectable trading. There was a continued shift away from defensive Large Caps towards more speculative (and bullish) Small Caps. There was also breadth gains in line with a potential swing low for the Nasdaq.The S&P is just shy of a net bullish turn in technicals (stochastics and ADX left to turn).  The 50-day MA is just under 20 points away, which may take a couple of days to get there.The Nasdaq had the best of the day's action, generating a sharp relative gain against the S&P. Technicals may turn net bullish tomorrow, offering further opportunity to build on last week's channel breakout. But the 200-day MA will offer a point of resistance, and a potential attack area for shorts.Helping firm the swing low in the Nasdaq was the improved breadth measure. The Percentage of Nasdaq Stocks above the 50-day MA typically lead th...