Thursday, July 02, 2015

Neutral Day

After yesterday's gains there was no more gas in the tank to squeeze any more out of the market. Worryingly, the Russell 2000 finished near Monday's lows in a relative loss to S&P and Nasdaq, suggesting bearish leadership will come from speculative Small Caps, and that further losses are likely.


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Wednesday, July 01, 2015

Weak Bounce

The bounce wasn't particularly strong and volume was down on yesterday. Today's action keeps resistance in play, and maintains the dominance of Monday's sell off. The S&P tagged 2080 resistance, before reversing. Technicals remain net negative.


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Tuesday, June 30, 2015

No Update

Stockcharts.com running very slow, so no update today.


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Monday, June 29, 2015

Greece Strikes Back (or was it China?)

A doubly whammy of weakness from Asian and European sessions left bulls with little room to stretch their legs. Not surprisingly, there were few willingly to make a commitment so bears had the market to themselves.  The good news is that today's decisive selling pushes markets out of their stiffing ranges.

The S&P dropped below 2080, and is knocking on the door of 2040. Technicals are again net negative. The 200-day MA at 2053, just above the 2040 level, may play a role in tomorrow's action.


While the Dow has already indicated a break from the March/July range.



The Nasdaq gapped out of its bearish rising wedge. Lots of room down to the 200-day MA available. Shorts may look to attack rallies back to 5038.


While the Semiconductor Index suffered another big hit. It's trading down at its 200-MA having crashed out of its range.


The reversal in the Russell 2000 has left behind a 'bull trap', although this has dropped it back inside the prior range, and favoring a move back to 1,210.


Tomorrow doesn't look to offer bulls much despite the heavy selling. It might be a time for a consolidation, although it may only turn out to be only a pause in the decline. A meaningful decline is long overdue, but is it happening now?

You've now read my opinion, next read Douglas' and Jani's.

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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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