Monday, February 09, 2009

Stock Market Commentary: Nasdaq Finishes at Resistance

Nasdaq failed to crack through resistance although technicals returned all green. With the Obama plan due on Tuesday the catalyst is set for either a bounce off resistance or a solid move through; a quiet day Tuesday won't be.

Large caps won't be helping out. The Dow is hugely underperforming against Tech but the S&P is doing a little better; the 50-day MA remains resistance.

Given the semiconductor index has breached declining resistance it is now up to Tech to follow suit. Will Obama's stimulus provide the kick the Nasdaq needs? Battle lines are set.

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