Tuesday, February 10, 2009

Stock Market Commentary: Resistance plays easy to get

For swing traders it was a play to form day. Resistance dominated and the resulting down draft was sharp and came with heavier volume.


Small caps did not escape the sell off and the 50-day MA contained the recent advance as the 20-day MA did in January


The only bright spot looked to be gold; watch for the upcoming "Golden Cross" which will keep gold bugs a twitter. I would like to see a handle form with a retest of the 200-day MA but it certainly looks to be one of the better opportunities out there.


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