Wednesday, January 28, 2009

Stock Market Commentary: Mixed bag

Solid gains helped some indices more than others. Troubling moving averages were cleared for the Nasdaq, Nasdaq 100 and Russell 2000; but for the Nasdaq 100 this meant running into larger declining resistance dating back to last September.


The semiconductor index encountered similar resistance and tomorrow will be a big day for the it; a break could set up a run to the 200-day MA


Breadth indicators for the Nasdaq are all bullish (once more); perhaps there is more to the 'Santa Rally'? Best of all, the Percentage of Nasdaq Stocks Above the 200-day MA made sharp gains, suggesting more stocks are turning long term bullish.


Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website
 
f9229fcfd1b1390be00cfccc86c90349c93a4179bf4227457c